Bengaluru-based omnichannel furniture retailer Urban Ladder Home Décor Solutions Pvt. Ltd has secured Rs 15 crore ($2.1 million) as fresh capital from a few existing investors.
Urban Ladder raised the capital from SAIF Partners, Sequoia Capital and Steadview Capital, according to filings to the Registrar of Companies.
Steadview Capital confirmed the development. Email queries to Urban Ladder and the other investors didn’t elicit any response till the time of publishing this report.
The Economic Times first reported the development.
The development comes weeks after co-founder Rajiv Srivatsa quit the company. Vani Kola, founder of Kalaari Capital, also stepped down from the board around the same time.
The company had raised its last equity round in February 2018. The round was led by Kalaari Capital, Sequoia Capital, Steadview Capital and SAIF Partners, who put in Rs 19.35 crore each. The company had raised that round at a post-money valuation of about $119 million (Rs 776 crore).
The company had also raised a debt round from venture debt firm Trifecta in September last year. Urban Ladder was looking to aggressively expand its offline presence but high-level exits have reportedly made it difficult for the company to gain traction.
Founded in 2012 by Ashish Goel and Srivatsa, Urban Ladder offers more than 5,000 furniture designs under 10 broad categories that include living, bedroom, dining room, storage, study and decor among others.
Urban Ladder, which was primarily an online-first venture, began to expand its offline presence aggressively a couple of years ago. The move to ramp up its offline presence was in line with the now largely perceived trend that omnichannel might be the way forward for vertical e-commerce players in the furniture retailing space.
In 2017, it secured a licence as a single-brand retailer after the government allowed 100% foreign direct investment in the segment.
For 2017-18, the company posted net sales of Rs 96 crore as against Rs 40 crore the year before. Net loss narrowed to Rs 118 crore from Rs 457 crore, as per VCCEdge, the financial data platform of Mosaic Digital.