Bangalore-based online furniture store Urban Ladder has appointed Ajit Joshi as President and Chief Operating Officer. Joshi will be responsible for scaling the company’s retail and growth strategy and work on offline distribution.
Prior to this appointment, Joshi served as the CEO of RIL’s convention centre for two years, and before that he was the CEO and managing director of Tata Croma for nine years. At Croma, Joshi started three formats – Croma Mega Stores, Croma Zip and cromaretail.com. He was also the Chairman of Retail Committee, Confederation of Indian Industries (CII), Director of Retailer’s Association of India (RAI) during that period. Previously, he had also led operations and institutional sales business for Shopper’s Stop as Vice President Operations.
Last month, Urban Ladder had also appointed Jaipal Singal as its Chief Financial Officer. However, these recent top management appointments come 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 also 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.