Urban Ladder draws up Rs 130 crore house expansion plan for 2018

Furniture retailer Urban Ladder is looking to raise about Rs 130 crore this year to fuel its expansion plans. “The round will see participation from at least one new investor apart from the existing investors,” said Ashish Goel, its chief executive. “We have surplus cash to carry on the business for at least 18 months but we will look to raise around Rs 130 crore more within this year.”
 
In January, the Bengaluru-based company had raised about Rs 80 crore from existing investors in a bid to expand its omni-channel presence. Till date, the company has raised more than Rs 700 crore from a clutch of investors including Ratan Tata, SAIF Partners, Kalaari Capital and Sequoia Capital
Goel, who is also the company’s cofounder, said over Rs 65 crore will be invested this fiscal on product design and development, to open 15 large-format brick-and-mortar stores and to introduce technologies like virtual reality at its stores.
 
The company, which started as an online furniture retailer, is now taking an omnichannel approach to gain customers. At present, the company operates four offline stores in Bengaluru. A large-format store, measuring between 4,000 sq ft and 6,000 sq ft, entails an investment of about Rs 2 crore, while small-format stores of under 1,000 sq ft require about Rs 25 lakh.
 
According to a Redseer Consulting report, by 2020, India’s furniture industry is expected to grow to $35 billion, with the online section being worth $700 million.
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