Steadview leads $21m round for India’s Urban Ladder
Hong Kong-based hedge fund Steadview Capital has led a $21 million Series B round of financing for Urban Ladder, an Indian furniture online retailer.
Existing investors Kalaari Capital and SAIF Partners also participated.
Launched in 2012 by Ashish Goel and Rajeev Srivatsa, Urban Ladder offers 1,000 products across 25 categories of furniture, including table, storage units and shelves, seating and accessories. The company received $5 million from SAIF and Kalaari in 2013, and $1 million from Kalaari in August 2012.
The new funding will be used to strengthen product design and improve customer experience with a focus on innovative technology. Urban Ladder also plans to expand its product range and service coverage, reaching 25-30 cities in India by March 2015.
"Furniture is a highly fragmented and unorganized space, and we believe Urban Ladder is well positioned to leverage technology in order to become the leading furniture company in India," said Ravi Mehta, managing director at Steadview.
Urban Ladder competes with the likes of Fabfurnish and Pepperfry, as well as other horizontal e-commerce players such as Flipkart, Snapdeal and Amazon India.
Earlier this month, Steadview participated in a $41.8 million funding round for Indian online taxi-booking and car rental platform Olacabs.
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