Omnichannel furniture brand Urban Ladder has raised close to Rs 14.91 crore from SAIF Partners, Steadview Capital and Sequoia Capital India, as a follow-on of its Series E round. All three existing investors have invested close to Rs 4.96 crore each, with a total of 8,352 Series E3 cumulative convertible preference shares (CCPS) issued to them at a premium of Rs 17,830 per share.
Before this round, Urban Ladder had raised more than $112.8 million in funding and counts SAIF Partners, Steadview Capital, Sequoia Capital, Ratan Tata, and Kalaari Capital among its investors.
Last month, the company said Rajiv Srivatsa was leaving, 8 years after cofounding Urban Ladder along with Ashish Goel. At the same time, Vani Kola, managing partner at Kalaari Capital, also stepped down from the board. The Bengaluru-based startup has found it tough to raise fresh capital amid layoffs and restructuring. Some existing investors, including Kalaari Capital and ABG Capital, did not participate in the current funding round.
Earlier this June, it was reported that the startup was going through a funding crunch and had laid off nearly 90 employees in the quarter ending March this year. This brought the total headcount at the company down to about 700 employees then. It has also shut down high cost initiatives like cash on delivery, and moved out from unprofitable cities.
Urban Ladder recently entered Chennai, opening a new store and experience centre. The startup currently claims to have 12 stores in New Delhi, Bengaluru, and Pune. Urban Ladder, which has traditionally invested in premium quality furniture supply and stayed away from hyper discounting to lure customers, has been significantly pressured by the entrance of big ecommerce players like Flipkart and Amazon who have introduced private labels in furniture. At the same time, global furniture brand IKEA has also launched in the country.
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