Mumbai(PTI): Online furniture retailer Urban Ladder today said it has raised USD 50 million (about Rs 310 crore) in a fresh round of funding led by Sequoia Capital.
Existing investors SAIF Partners and Kalaari Capital also participated in this round.
The Bangalore-based firm will utilise the capital to fund its expansion to 30 cities by year-end and will invest in enhancing its design thinking, product quality and customer experience.
Urban Ladder has raised $27 million from Kalaari Capital, SAIF Partners and Steadview Capital in the past three years. Besides, Tata Group Chairman Emeritus Ratan Tata had also made a personal investment in the company in November 2014, it said in a statement.
The firm added that Sequoia Capital led the round along with TR Capital and existing investors Steadview Capital, SAIF Partners and Kalaari Capital.
"Over the last 3 years, we have stayed sharply focused on our design thinking, product quality and customer experience. While these will continue to be important themes, geographical expansion will also be a key focus area this year. We will be present in 30 cities by the end of 2015," Urban Ladder co-founder and CEO Ashish Goel said.
The firm's COO and co-founder Rajiv Srivatsa said Urban Ladder is investing heavily in technology to introduce world class tech innovations that will massively simplify furniture shopping.
Launched in July 2012, Urban Ladder offers a range of over 4,000 products across more than 35 categories in furniture and home decor.