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Bengaluru-based online furniture startup Urban Ladder has raised USD 12 million from existing investors Kalaari Capital, SAIF Partners, Sequoia Capital, and Steadview Capital, in an internal funding round.
This is the second time that funds have been raised by the same investors in almost a year. The company had raised USD 15 million in February 2017 from the same investors.
The capital will be used to expand the company's offline as well online presence, with a view to touching profitability in FY 2018-19, the company said in a statement.
“Our offline expansion in Bangalore [now Bengaluru] has been extremely well received by customers. This has energized us to chart the next course of our retail journey and build India’s largest furniture brand by March 2019,” Ashish Goel, CEO and Co-Founder of Urban Ladder said.
The company is currently operating two large format stores in Domlur and Whitefield areas of Bengaluru and one sofa lounge in HSR Layout. The company, which is reportedly in talks with Flipkart for investments, plans to launch a fourth store in the city.
“We continue to study other cities for its next phase of expansion, aiming at 15-20 stores across India by March 2019,” the company statement noted.
Founded in 2012, Urban Ladder commenced its offline retail operations in July 2017. In August, Urban Ladder received approval for a Single Brand Retail licence, which transitioned the company from a marketplace to an inventory-led omni-channel brand.
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