Online furniture and home décor retailer Urban Ladder has raised $50 million in their latest round of funding, the company said today.
The funding round was led by Sequoia Capital and TR Capital, along with existing investors Steadview Capital, SAIF Partners and Kalaari Capital.
The company will use the funding to drive expansion to 30 Indian cities by the end of the year, and invest in technology, the company said in a statement.
“We are investing heavily in tech innovations that will massively simplify furniture shopping” said Rajiv Srivatsa, COO & Co-founder, Urban Ladder.
Urban Ladder has raised $27 million from Kalaari Capital, SAIF Partners and Steadview Capital in the last three years. Ratan Tata made a personal investment in the company in November 2014.
“Over the last 3 years, we have stayed sharply focused on our design thinking, product quality and customer experience. While these will continue to be important themes, geographical expansion will also be a key focus area this year. We will be present in 30 cities by the end of 2015” said Ashish Goel, CEO & Co-founder, Urban Ladder.
Founded in July 2012 by Goel and Rajiv Srivatsa, Urban Ladder offers a curated range of over 4000 products across 35+ categories in furniture and home décor in 12 cities in India.
“We are delighted to partner with Urban Ladder in their vision of making quality home products available online to millions of Indian consumers, and look forward to working with Ashish, Rajiv and the rest of the Urban Ladder team to help build an enduring business.” said Gautam Mago, managing director, Sequoia Capital India Advisors.
According to a 2014 report by Gartner Inc, the e-commerce market will grow to $6 billion from $3.5 billion in 2015, growing at 60-70 percent every year.
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