Online furniture retailer Urban Ladder is in talks with investors to raise fresh funds to the tune of USD 60 million (over Rs 370 crore).
According to market insiders, the Ratan Tata-backed firm has discussed the details of the funding with a clutch of investors including existing ones like Saif Partners.
It is also in talks with Sequoia Capital who has pledged to lead the latest round of investment, they added.
When contacted, Urban Ladder told PTI, "We will not comment anything on fund raising."
Repeated e-mail enquiries sent to Sequoia and Saif Partners went unanswered.
The company will mainly use the funds for expanding its product portfolio and also on brand building exercises.
Urban Ladder co-founded by Ashish Goel and Rajiv Srivatsa in July 2012 has already raised USD 27 million in several rounds from a number of investors including Hongkong-based Steadview Capital Management, Kalari Capital and Saif Partners.
In November 2014, the company raised an undisclosed sum from noted industrialist Ratan Tata.
The firm aims to be the biggest furniture seller in India in the next 12-14 months and is looking to raise funds as the battle in the online furniture market is getting fierce with competitors like FabFurnish, Pepperfry, among others also going on funding rounds to ramp up their presence.
