Online marketplace for furniture Urban Ladder plans to invest more and increase its offerings for its home furnishing patrons. According to a Forbes report, part of the investment will be made in building and scaling up its technology platform.
In the next four months the company plans to expand its current tech team of 25 people to about 70. Overall it is targeting a total workforce of about 2500 including delivery and logistics team by end of 2015 from its current strength of 600 people, reports Forbes.
“This year is pivotal for us as we make a move from just furniture products to spaces where we provide a complete solution for the house including living and dining space, bedroom, kitchen, kids room, outdoor and balcony. We will provide the entire interior options such as furniture and furnishing. The complete offering will be launched by April-June quarter this year,” Co-Founder Ashish Goel told Forbes.
In the next few months they plan to launch new offerings, expand their portfolios and ramp up presence across cities. The company is targeting a total of 30 cities by the end of 2015. At present, it offers close to 4,000 products across 35 categories in furniture products such as beds, coffee tables, sofas, chairs, wardrobes, and dining tables.
“We are increasingly moving towards being an absolute full-service solution for the home. You will not see us selling clothes. We will not be a fashion, books or an electronics retailer. I would rather be known for dramatically high quality of innovation in furniture,” Goel was quoted in the report as saying.
In October 2014, the chairman emeritus of Tata Sons, invested an undisclosed amount in the online furniture company.
“He (Ratan Tata) felt that we are going in the right direction. He believes that there is a huge need for well designed furniture in the country and it is important for us to share our learnings around good design with consumers,” Goel was quoted in the report as saying, “he (Tata) likes the furniture that we do and the way we present.”
Launched in July 2012, Urban Ladder, has, so far, raised four rounds of funding that totals up to $27 million (excluding investment from Ratan Tata), from investors such as Kalaari Capital, SAIF Partners, and Steadview Capital.
Over the last two years, the company has grown at an average of 15 percent month-on-month. According to Goel, the online furniture business in the country is estimated to be just about $140 million (Rs 700-800 crore) providing enough scope for growth.
“To be market leader in any category you need to be consistent based on a few basic principles. For us it is great customer experience, innovation across the value chain to bring down the cost and high quality product,” Goel added in the report.
Related Tags:Online marketplace for furniture, furniture Urban Ladder, home furnishing patrons, Ashish Goel