Bangalore-based online furniture store Urban Ladder has appointed Jaipal Singal as its Chief Financial Officer, reports ET Tech. Prior to this appointment, Singal was the CFO of Arvind Fashion Brands Limited, where he was responsible for finance, accounts, legal and IT functions. He previously served as General Manager (Finance and Accounts) at Mahindra Retail Pvt Ltd and as Head of Finance and Operations (South Asia) at Marks and Spencer, among others.
At Urban Ladder, Singal will be responsible for accounting and finance functions, with an eye on streamlining corporate governance standards and improving profitability.
This appointment comes on the back of at least two top-level exits earlier this year. Urban Ladder’s Vice President of Category, Design and Sourcing Rushabh Sanghvi and Chief Marketing Officer Sanjay Gupta both quit in March of this year. Sanghvi had been with the company for over four years, while Gupta had joined in February last year. Sanghvi quit to join Flipkart as their Director of Private Label (Home and Furniture), and Gupta quit to join Uber as their Head of Marketing.
At the time it was reported that Nikhil Ramaprakash, VP of Sales and Online Marketing, and Parag Shah, VP of Fitouts, Urban Interior and Alliance, had also quit. However, their LinkedIn profiles suggests that they are still working at Urban Ladder, though it’s possible that the individuals simply haven’t updated their respective profiles.
In June last year, CTO Apurva Dalal had quit to join Uber, after barely a year with Urban Ladder. A few months later, VP and head of online product Kartikeya Misra, who had joined in January 2015, also exited.
Urban Ladder funding
Urban Ladder raised $15 million in a round of funding from existing investors including Kalaari Capital, SAIF Partners, Steadview Capital and Sequoia Capital, in February this year. Previously, the company had raised $3 million in the form of venture debt financing from Trifecta Capital in August last year.
Other than this, in April 2015, the company had secured an undisclosed amount of funding from Cambrian Ventures founding partners Anand Rajaraman and Venky Harinarayan, after having raised $50 million in a series C round of funding in the same month. Ratan Tata had also invested an undisclosed amount in Urban Ladder in his personal capacity, back in 2014.