Finally, fundraising campaign for Bengaluru-based online furniture retailer Urban Ladder materialises as the company has secured about $12 million from existing investors including Kalaari Capital, Sequoia Capital, Steadview Capital and SAIF Partners.
The RoC filing reveals that the all aforementioned investors have contributed $3 million each in the fresh round, reports VCCircle. The report also estimates that the company is likely to be valued $119 million (post-money).
Urban Ladder has been scouting for fresh funds for over 6-8 months, however, it seems the company wasn’t able to convince the new set of investors. Consequently, existing investors have once again injected a new round.
Almost a year ago, the company had secured about $15.6 million funding round led by the four investors. With this round, the company had raised over $107 million in total funding since its inception in 2012.
Urban Ladder has clocked an operating revenue of Rs 42 crore in FY17, a 22 per cent growth from the previous fiscal. During FY 16, the company’s revenue from operations stood at Rs 34.4 crore. Besides, the company also managed to reduce its losses to Rs 160 crore in the last fiscal as against Rs 181.3 crore a year ago.
Late last year, e-commerce major Flipkart was in talks with Urban Ladder for picking up a strategic stake in the later. However, the deal seems to have stuck for some unknown reasons.
Urban Ladder’s competitor – Pepperfry has so far raked-in about $195 million total risk capital. It also clocked a total revenue of Rs 127.5 crore in FY17, a 30 per cent higher than the previous fiscal.
Importantly, the Department of Industrial Policy & Promotion (DIPP) approved the single brand retail trade (SBRT) licence to Urban Ladder. The company eyes to build a strong offline presence through the license in the country.