Urban Ladder

Last updated

Urban Ladder
Urban Ladder Logo New.jpeg
Type of business Subsidiary
HeadquartersBangalore, India
Area served India
Key peopleAshish Goel (Co-founder, CEO), Rajiv Srivatsa (Co-founder, CTO)
IndustryFurniture, Home Decor
Products
  • Furniture
  • Home Decor
Services E-commerce, Interior Design Consultancy
Employees800
Parent Reliance Retail
URL urbanladder.com
LaunchedJuly 2012;12 years ago (2012-07)

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 furniture and home decor products. Urban Ladder operates 50 physical stores in India, including Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai. [2] It also sells products online through its website. [3]

Contents

History

Urban Ladder Home Decor Solutions was co-founded by Ashish Goel 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]

Urban Ladder offers over 5000 designs across 35 categories such as living, dining, bedroom, study, and decor. Initially established as an online-first brand, Urban Ladder shifted to offline retail in 2017, in an effort to becoming an omnichannel brand. It opened its first flagship store in Bangalore on 8 July 2017. [5]

In November 2020, Reliance Retail acquired a 96% stake in the company in a ₹182 crore deal. [6]

Products and services

Urban Ladder sells various furniture products. The company has over 40,000 products across 300 brands and delivers to more than 83 cities across India. [7] Urban Ladder is continually creating and launching new collections such as the Malabar, [8] the Eleanor & Louise, [9] and the Fujiwara range. [10]

Urban Ladder has both online and offline business models for distribution. The company delivers and installs all the products it offers. [11] The brand also provides augmented reality (AR) technology, enabling users to visualize how furniture would look in their homes before making a purchase [12]

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. [13]

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. [14] The company subsequently raised $US21 million in a Series B round of funding led by Steadview Capital, SAIF Partners and Kalaari Capital [15] 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. [16]

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. [17]

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. [18]

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). [19]

Business model

Urban Ladder uses both online and offline business models for distribution. [20] the brand has also put its products on marketplaces, like Amazon and Flipkart. [21] 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. [22]

Urban Interiors

Urban Ladder launched design consultation as a service in 2016. [23] [24]

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. [25]

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References

  1. ↑ "Urban Ladder helps to get your decor at pocket-friendly prices". The Indian Wire. 9 June 2018. Retrieved 21 July 2023.
  2. ↑ "Urban Ladder Plans To Double Retail Stores By March 2024". NDTV.com. Retrieved 21 July 2023.
  3. ↑ "Urban Ladder plans to double retail stores by March 2024, to expand retail presence in 32 cities". The Economic Times. 15 March 2023. ISSN   0013-0389 . Retrieved 22 May 2023.
  4. ↑ "Furnishing a new buying experience". Business Standard. Retrieved 5 June 2014.
  5. ↑ "Urban Ladder Scouts For Acquisitions in Home Decor-Lighting Segments/". thehindubusinessline. Retrieved 7 July 2017.
  6. ↑ "Explained: What does Reliance Retail's purchase of UrbanLadder mean for both firms?". The Indian Express. 19 November 2020.
  7. ↑ "Urban Ladder plans to double retail stores by March 2024, to expand retail presence in 32 cities". The Economic Times. 15 March 2023. ISSN   0013-0389 . Retrieved 19 March 2024.
  8. ↑ "Urban Ladder raises $50 mn from investors". Indian Retailer. Retrieved 4 August 2024.
  9. ↑ "Urban Ladder is setting up shop in your city!". UrbanLadder. urbanladder.com. Retrieved 11 January 2018.
  10. ↑ "Urban Ladder helps to get your decor at pocket-friendly prices". The Indian Wire. 9 June 2018. Retrieved 4 August 2024.
  11. ↑ "Urban Ladder plans to double retail stores by March 2024, to expand retail presence in 32 cities". The Economic Times. 15 March 2023. ISSN   0013-0389 . Retrieved 16 August 2023.
  12. ↑ "Urban Ladder looking to bring virtual reality into online decor". Business Insider. Retrieved 16 August 2023.
  13. ↑ "Urban Ladder launches 'Urban Interiors', a complete Interior Décor Service". BusinessLine. 27 April 2016. Retrieved 16 August 2023.
  14. ↑ "Online furniture store Urban Ladder raises $5M in Series A led by SAIF Partners". VC Circle. Retrieved 5 June 2014.
  15. ↑ "Steadview Cap backs furniture e-tailer Urban Ladder".
  16. ↑ "Ratan Tata invests in Urban Ladder". thehindubusinessline. The Hindu Group. 27 April 2016. Retrieved 27 April 2016.
  17. ↑ "Urban Ladder raises $50 m". thehindubusinessline. The Hindu Group. 9 April 2015. Retrieved 10 April 2015.
  18. ↑ "Urban Ladder Raises $12 Mn Funding For Omni-Channel Expansion". INC42. INC42. 13 March 2018. Retrieved 1 March 2018.
  19. ↑ Upadhyay, Harsh (15 November 2020). "Urban Ladder raised Rs 770 Cr and acquired by Reliance for Rs 182 Cr". Entrackr. Retrieved 22 May 2023.
  20. ↑ Chopra, Ambika (19 October 2016). "Urban Ladder Shifts Business Model, Plans To Open Offline Stores". Inc42 Media. Retrieved 16 August 2023.
  21. ↑ "Urban Ladder ties up with Amazon India to boost sales". Livemint. HT Media Ltd. Retrieved 16 September 2016.
  22. ↑ "Urban Ladder partners with HomeLane; to ease designing of homes for customers".
  23. ↑ "Urban Ladder launches Urban Interiors, a complete Interior Décor Service". VC Circle. Retrieved 5 June 2014.
  24. ↑ Urban Ladder Launches 'Urban Interiors', a Complete Interior Décor Service
  25. ↑ "Urban Ladder - Wikipedia | PDF | Companies". Scribd. Retrieved 4 August 2024.
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