Furniture retailer
Urban Ladder is an omnichannel furniture and decor retailer started in 2012 and headquartered in Bangalore, India.[1] The company, founded by Ashish Goel and Rajiv Srivatsa, provides curated furniture products and home decor solutions. Urban Ladder operates across 50 offline stores in India, including Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai[2] and continues to service other locations through its e-commerce website.[3]
History
Urban Ladder Home Decor Solutions was co-founded by Ashish Goel (CEO) and Rajiv Srivatsa in July 2012. Ashish Goel previously worked with McKinsey & Company and served as the CEO of Amar Chitra Katha. Rajiv Srivatsa previously worked with Cognizant and Yahoo! before co-founding Urban Ladder.[4]
With over 5000 designs across 35 categories such as living, dining, bedroom, study, and decor, Urban Ladder was established as an online-first brand in 2012. However, in 2017, Urban Ladder made a shift to offline retail, in an effort to become an omnichannel brand. It opened its first flagship store in Bangalore on 8 July 2017.[5]
In November 2020, Reliance Retail acquired the company by purchasing 96% stake in a ₹182 crore deal.[6]
Products and services
Urban Ladder sells furniture products such as sofas, beds, dining tables, chairs, storage solutions, lighting, and decor. The company has over 40,000 products across 300 brands and delivers to more than 83 cities across India. Urban Ladder is continually creating and launching new collections such as the Malabar,[7] the Eleanor & Louise,[8] and the Fujiwara range.[9]
Urban Ladder has both online and offline business models for distribution. The company delivers and installs all the products it offers.[10] The brand also provides augmented reality (AR) technology, enabling users to visualize how furniture would look in their homes before making a purchase[11]
In addition to its online platform, Urban Ladder also has brick-and-mortar stores across major cities in India. The company also provides interior design consultancy services to help customers create personalized and functional living spaces.[12]
Funding and acquisition
Urban Ladder first secured seed capital of $US1 million from Kalaari Capital in August 2012. The company later raised another $US5 million in a Series A round led by SAIF Partners; Kalaari Capital also participated in the Series A funding.[13] The company subsequently raised $US21 million in a Series B round of funding led by Steadview Capital, SAIF Partners and Kalaari Capital [14] Four months after the company raised Series B funding from Steadview Capital and existing investors SAIF Partners and Kalaari Capital, Urban Ladder received a personal investment from Ratan Tata, Tata Sons.[15]
On 9 April 2015, Urban Ladder announced that they had raised $US50 million in funding led by Sequoia Capital and TR Capital. Existing investors Steadview Capital, SAIF Partners and Kalaari Capital were also participants.[16]
Urban Ladder, raised an internal round of $12 million from investors Kalaari Capital, Saif Partners, Sequoia Capital, and Steadview Capital in February 2018. Combined with the $15 million raised in January 2017, these funds were used to further Urban Ladder’s online and offline omnichannel expansion – a decisive step towards profitability in FY 18–19. With a $27 million infusion over 12 months, Urban Ladder's omnichannel approach and profitability push will help it build a powerful retail brand.[17]
In 2020, Urban Ladder was acquired by Reliance Retail Venture Ltd (RRVL), a subsidiary of Reliance Industry Ltd (RIL), in an all-cash buyout of a 96 per cent stake in Urban Ladder for $24.5 million (₹182.12 crore).[18]
Business model
Urban Ladder uses both online and offline business models for distribution.[19] The brand has also put its products on marketplaces, like Amazon and Flipkart.[20] Urban Ladder has partnered with Zefo and Quikr to provide furniture exchange offers where customers can exchange old furniture for new ones. Urban Ladder has also partnered with HomeLane and GoZefo as their distribution partners.[21]
Urban Interiors
Urban Ladder launched design consultation as a service in 2016.[22][23]
The Urban Ladder Design Network
Urban Ladder works with external designers besides its in-house collections and consultations. The Urban Ladder Design Network provides external designers with 3D rendered models of its products. The partnered designers also get priority inventory blocking on Urban Ladder’s products and a commission when their clients select Urban Ladder’s designs for their homes. Currently, Urban Ladder has over 600 design firms working with them as part of The Urban Ladder Design Network, with the tribe increasing every month.[24]
