Online furniture retailer Urban Ladder on Thursday said it has raised USD 50 million (about Rs 310 crore) in a fresh round of funding led by Sequoia Capital.
Existing investors SAIF Partners and Kalaari Capital also participated in this round. The Bangalore-based firm will utilise the capital to fund its expansion to 30 cities by year-end and will invest in enhancing its design thinking, product quality and customer experience.
Urban Ladder has raised USD 27 million from Kalaari Capital, SAIF Partners and Steadview Capital in the past three years.
Besides, Tata Group Chairman Emeritus Ratan Tata had also made a personal investment in the company in November 2014, it said in a statement. The firm added that Sequoia Capital led the round along with TR Capital and existing investors Steadview Capital, SAIF Partners and Kalaari Capital.
"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," Urban Ladder co-founder and CEO Ashish Goel said.
The firm's COO and co-founder Rajiv Srivatsa said Urban Ladder is investing heavily in technology to introduce world class tech innovations that will massively simplify furniture shopping. Launched in July 2012, Urban Ladder offers a range of over 4,000 products across more than 35 categories in furniture and home decor.
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