Bengaluru-based Urban Ladder has raised $12 million in fresh funding from existing investors Kalaari Capital, Saif Partners and others, as it looks to open more offline stores in its hunt for profitability.
The company said it will utilise the capital for its omnichannel expansion, which it had kicked off with a $15 million investment in January 2017. It decided to move offline after finding that the market for online furniture buying was a lot smaller than expected.
“Our offline expansion in Bangalore has been extremely well-received by customers for the differentiated furniture-shopping experience. This has energized us to chart the next course of our retail journey and build India’s largest furniture brand by March 2019,” said Ashish Goel, CEO & Co-Founder, Urban Ladder.
Apart from opening another store in J.
P. Nagar, the company plans to expand into new cities with a goal of having 15-20 stores across the country by March 2019. The offline push it hopes will also help it become profitable in the fiscal year 2018-19.
Source: Business-Standard