There was once a time when internet was a place to surf or socialize, but in the last 10 years, we have seen a drastic transformation or should we say boom in the Internet Industry. The time has changed so much that, for every need of yours you go online now, from a pin to a plane, there is nothing which cannot be found online. And to top that, everyday there are new websites coming up to compete with the rest – to create their story!
Such was the story of Ashish Goel or Ashgo (as friends call him) who Co-founded his online furniture venture – Urbanladder.com, in an attempt to solve a huge pain-point for the masses. As most of you already know; Urban Ladder is an online marketplace for unique & innovative yet less expensive furniture and home decor products.
Urban Ladder offers more than 30 categories of furniture’s which include beds, sofas, dining and coffee tables, etc. and also has a range of over 400 product to choose from. The delivery and installation of all their products is dealt by Urban Ladder itself. Today, Urban Ladder has its presence in more than 12 cities across India and is also in plans to expand to almost 30 cities by 2016.
The IIM (Bangalore) & IIT (Bombay); from the days of his employment to climbing up the Urban Ladder, Ashish has been through various thick & thins to reach where he is today, but has done so in the most unconventional manner.
Begining of the journey
Just like many other successful entrepreneurs; Ashish too, did not come from a very wealthy family and whatever he owned was all built and earned by himself. He began his career while he was still pursuing his MBA from IIM-B! This still remains a lesser known fact that, he had worked for Procter & Gamble as a Summer Intern in 2003. This being an internship thing, it didn’t last for long and ended within the same year. His career in reality started after he completed his MBA in 2004. Ashish began working for McKinsey & Company as an Engagement Manager. His job profile included providing Strategy consulting to the top Indian and global corporates and also leading project teams across Banking, Healthcare and Real Estate clients.
After gaining experience with them for more than 4 years, Ashish decided to move on to better prospects. Now at the end of his stint with McKinsey, Ashish had made up his mind to start something of his own, preferably something in the lingerie space. However, his friend Samir Patil had recently acquired Amar Chitra Katha (ACK) media – an entertainment and education company for young audiences, along with some investors and had requested him to help them out. The company owns brands such as Amar Chitra Katha, Tinkle and Karadi Tales.
Hence, like a true friend he went on board with ACK as their COO and worked with them for almost 4 years. Now while working with them, he also was responsible for the successful acquisition of India Book House in 2010. It was India’s leading distributor of books and magazines. Soon he also moved in as their new Managing Director, wherein his primary objective was to revolutionize the access of media products in India, and create a motivational force in this space. Collectively, he worked with them for almost 4 years, after which he decided to pursue his dream of entrepreneurship.
Product and Services
Urban Ladder sells furniture products such as sofas, beds, dining tables, chairs, storage solutions, lighting, and decor. The company has over 40,000 products across 300 brands and delivers to more than 83 cities across India. Urban Ladder is continually creating and launching new collections such as the Malabar, the Eleanor & Louise, and the Fujiwara range.
Urban Ladder has both online and offline business models for distribution. The company delivers and installs all the products it offers. The brand also provides augmented reality (AR) technology, enabling users to visualize how furniture would look in their homes before making a purchase.
In addition to its online platform, Urban Ladder also has brick-and-mortar stores across major cities in India. The company also provides interior design consultancy services to help customers create personalized and functional living spaces.
Funding and Acquisition
Urban Ladder first secured seed capital of $US1 million from Kalaari Capital in August 2012. The company later raised another $US5 million in a Series A round led by SAIF Partners; Kalaari Capital also participated in the Series A funding.The company subsequently raised $US21 million in a Series B round of funding led by Steadview Capital, SAIF Partners and Kalaari Capital Four months after the company raised Series B funding from Steadview Capital and existing investors SAIF Partners and Kalaari Capital, Urban Ladder received a personal investment from Ratan Tata, Tata Sons. On 9 April 2015, Urban Ladder announced that they had raised $US50 million in funding led by Sequoia Capital and TR Capital. Existing investors Steadview Capital, SAIF Partners and Kalaari Capital were also participants.
Urban Ladder, raised an internal round of $12 million from investors Kalaari Capital, Saif Partners, Sequoia Capital, and Steadview Capital in February 2018. Combined with the $15 million raised in January 2017, these funds were used to further Urban Ladder’s online and offline omnichannel expansion – a decisive step towards profitability in FY 18–19. With a $27 million infusion over 12 months, Urban Ladder’s omnichannel approach and profitability push will help it build a powerful retail brand. In 2020, Urban Ladder was acquired by Reliance Retail Venture Ltd (RRVL), a subsidiary of Reliance Industry Ltd (RIL), in an all-cash buyout of a 96 per cent stake in Urban Ladder for $24.5 million (₹182.12 crore).
Business Model
Urban Ladder uses both online and offline business models for distribution. The brand has also put its products on marketplaces, like Amazon and Flipkart. Urban Ladder has partnered with Zefo and Quikr to provide furniture exchange offers where customers can exchange old furniture for new ones. Urban Ladder has also partnered with HomeLane and GoZefo as their distribution partners.
Urban Interiors[edit]
Urban Ladder launched design consultation as a service in 2016.
The Urban Ladder Design Network[edit]
Urban Ladder works with external designers besides its in-house collections and consultations. The Urban Ladder Design Network provides external designers with 3D rendered models of its products. The partnered designers also get priority inventory blocking on Urban Ladder’s products and a commission when their clients select Urban Ladder’s designs for their homes. Currently, Urban Ladder has over 600 design firms working with them as part of The Urban Ladder Design Network, with the tribe increasing every month.
