India’s business Tycoon Ratan Tata has invested in online furniture startup Urban Ladder. This is Tata’s third investment in the industry, earlier Rata Tata invested in Snapdeal and later he invested in online jewellery portal Bluestone this year.
Urban Ladder said that Tata’s “inputs and guidance will be very valuable” for the company, but did not disclose the amount and other details about this investment.
Four months back Urban Ladder raised its second round of funding from Hong Kong-based alternative asset manager Steadview Capital and existing venture capital investors SAIF Partners and Kalaari Capital. So far Urban Ladder has raised about $27 million (over Rs.150 crore apprx.).
The Indian furniture market is estimated to double in size to Rs 1.2 lakh crore in three years and online sales account for about 1 per cent of it. Apart from Urban Ladder and Pepperfry, FabFurnish and Zansaar are the other prominent players in the Indian furniture e-tail industry.
Launched in July 2012, Bangalore-based Urban Ladder was co-founded by Ashish Goel and Rajiv Srivatsa. It offers over 1,000 products across 25 categories in furniture such as wardrobes, beds, sofas, dining tables and coffee tables.
Notably, Japan’s Softbank is also on verge of funding Urban Ladder as SoftBank has invited Urban Ladder along with two other Indian startup to travel to Tokyo later this month to continue negotiations that could lead to a round of funding.