Hong Kong fund Steadview Cap backs household furniture e-tailer City Ladder

MUMBAI: Bangalore-primarily based on the internet household furniture retailer Urban Ladder has raised $ 21 million (Rs one hundred twenty crore) in a funding round led by Hong Kong-based mostly Steadview Capital, which lately invested in taxi service startup Olacabs. Other existing traders SAIF Partners and Kalaari Money have also participated in the e-tailer’s newest fund-increase as it seems to aggressively increase its presence from 7 cities to about twenty five more than the subsequent a single yr.

City Ladder competes with other on-line furnishings suppliers including Pepperfry and Rocket Net-backed FabFurnish in a classification which is developing steadily and has attracted interest from e-commerce biggies like Flipkart and Snapdeal. The impending start of Swedish furnishings and homeware giant IKEA is probably to stir up the mainly unorganized home furniture industry believed to be $ eight-ten billion powerful.

Founded by IIT &amp IIM graduates Ashish Goel and Rajeev Srivatsa two many years back, City Ladder had so considerably raised $ 6 million via two rounds of funding. In addition to growing throughout numerous towns and launching adjacent classes like lights, flooring and wall remedies, the on the internet retailer is in the process of setting up what it calls UL Labs.

“We want to make that changeover from selling goods to offering technology-driven, user-curated options to make areas a lot more beautiful for residence owners. It is like an R&ampD staff that we have established up to give consumers more than just merchandise,” Goel, CEO &amp co-founder, City Ladder, advised TOI.

“We feel Urban Ladder is effectively positioned to leverage technological innovation in purchase to turn out to be the foremost furniture firm in India,” explained Ravi Mehta, MD at Steadview Money, which is an India-concentrated trader backing the country’s new-age entrepreneurial tales.

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