Urban Ladder raises $12 mn in an internal round of financing
ET Bureau|
Updated: Mar 02, 2018, 09.59 AM IST
BENGALURU: In a bid to expand its omnichannel presence, online furniture brand Urban Ladder has raised $12 million in an internal round of financing from existing investors Kalaari Capital, SAIF Partners, Sequoia Capital and Steadview Capital, the company said in a statement on Thursday.
The company, which last raised $15 million in February 2017 from the same investors, is aiming for profitability in FY19.
“Our offline expansion in Bangalore has been well-received by customers,” said Ashish Goel, CEO of Urban Ladder. “This has energised us to chart the next course of our retail journey and push for profitability in FY 18-19.”
ET had reported in December that vertical ecommerce companies like Urban Ladder, among others, are turning to physical stores to achieve profitability and thereby become ready to launch an IPO. Urban Ladder obtained the single-brand retail licence last year, post which the company has been focused on expanding its offline footprint. It currently operates three stores in Bengaluru and aims at increasing this to 15-20 across several cities by March 2019.
The company will also look at foraying into other categories, as a result of the recent approval of 100% FDI in single-brand retail through the automatic route.
The company, which last raised $15 million in February 2017 from the same investors, is aiming for profitability in FY19.
“Our offline expansion in Bangalore has been well-received by customers,” said Ashish Goel, CEO of Urban Ladder. “This has energised us to chart the next course of our retail journey and push for profitability in FY 18-19.”
ET had reported in December that vertical ecommerce companies like Urban Ladder, among others, are turning to physical stores to achieve profitability and thereby become ready to launch an IPO. Urban Ladder obtained the single-brand retail licence last year, post which the company has been focused on expanding its offline footprint. It currently operates three stores in Bengaluru and aims at increasing this to 15-20 across several cities by March 2019.
The company will also look at foraying into other categories, as a result of the recent approval of 100% FDI in single-brand retail through the automatic route.
