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Online furniture company Urban Ladder, which has been in the news for Tata Group chairman emeritus Ratan Tata’s recent investment in it, is looking at 2015 as a scale-up year. The company, which started off with three cities in 2012 and subsequently grew to seven cities, is targeting 25 cities by September and 30 by December. True to the name, Urban Ladder will stick to big cities only, according to co-founder and chief operating officer Rajiv Srivatsa.
Admitting that Tata’s personal investment (second for him in e-commerce after Snapdeal), the quantum of which has not been disclosed, has brought Urban Ladder into greater prominence, Srivatsa spoke to Business Standard about the company’s mega plan for the next 12 months. It has set a goal of Rs 600 crore to 700 crore of revenue run rate for the year, hoping to give a competition to the biggest players in the space. Urban Ladder does not share its current revenue, but Srivatsa indicated a year-on-year growth of 5x.
That Tata, who has a degree in Architecture, takes personal interest in Urban Ladder’s business and even attends quarterly meetings with the promoters, might have helped the company dream bigger. With the scale of operation growing, the online furniture major is also planning mass media advertising, a change from its current strategy of only digital branding across social networking and search websites.
Hiring is yet another area for scaling up. From a team of about 600 persons, it’s looking at lifting the strength to as many as 2,000 by end of the year, with a big push on technology, logistics and design. Having gone to top campuses for placement this season, Urban Ladder is mindful about the challenge of retaining talent. Besides freedom at work, the company tries to go by the ‘’two-hour airport rule’’ whereby employees can spend time with each other to exchange views and have heated discussions without ‘’having to cringe’’.
Urban Ladder is a marketplace platform, quite like what most e-commerce players are in India, offering sellers space on the site. The company, which raised $26.5 million over the last few months (other than Tata’s investment), sees Swedish furniture biggie Ikea’s proposed entry as competition. But the fact that India’s total furniture market, pegged at Rs 1.5 lakh crore, is in growth mode may be of help to Urban Ladder, which has funding from prominent players such as Steadview Capital, SAIF Partners and Kalaari Capital among others.
Srivatsa said it’s too early to think of funding for 2015, adding that the ‘’company is well-funded currently’’. But, competition in online furniture business, currently at around Rs 750 crore, is increasing too, with players such as FabFurnish and Pepperfry demonstrating much potential.
Admitting that Tata’s personal investment (second for him in e-commerce after Snapdeal), the quantum of which has not been disclosed, has brought Urban Ladder into greater prominence, Srivatsa spoke to Business Standard about the company’s mega plan for the next 12 months. It has set a goal of Rs 600 crore to 700 crore of revenue run rate for the year, hoping to give a competition to the biggest players in the space. Urban Ladder does not share its current revenue, but Srivatsa indicated a year-on-year growth of 5x.
| WIDENING HORIZONS |
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That Tata, who has a degree in Architecture, takes personal interest in Urban Ladder’s business and even attends quarterly meetings with the promoters, might have helped the company dream bigger. With the scale of operation growing, the online furniture major is also planning mass media advertising, a change from its current strategy of only digital branding across social networking and search websites.
Hiring is yet another area for scaling up. From a team of about 600 persons, it’s looking at lifting the strength to as many as 2,000 by end of the year, with a big push on technology, logistics and design. Having gone to top campuses for placement this season, Urban Ladder is mindful about the challenge of retaining talent. Besides freedom at work, the company tries to go by the ‘’two-hour airport rule’’ whereby employees can spend time with each other to exchange views and have heated discussions without ‘’having to cringe’’.
Urban Ladder is a marketplace platform, quite like what most e-commerce players are in India, offering sellers space on the site. The company, which raised $26.5 million over the last few months (other than Tata’s investment), sees Swedish furniture biggie Ikea’s proposed entry as competition. But the fact that India’s total furniture market, pegged at Rs 1.5 lakh crore, is in growth mode may be of help to Urban Ladder, which has funding from prominent players such as Steadview Capital, SAIF Partners and Kalaari Capital among others.
Srivatsa said it’s too early to think of funding for 2015, adding that the ‘’company is well-funded currently’’. But, competition in online furniture business, currently at around Rs 750 crore, is increasing too, with players such as FabFurnish and Pepperfry demonstrating much potential.
