Junglee founders have invested in Urban Ladder, Silicon Valley based entrepreneurs Venky Harinarayan and Anand Rajaraman have invested an undisclosed amount in Bengaluru based Urban Ladder Home Decor Solutions P Ltd, the company owns online furniture shop Urban Ladder.
The duo joins Ratan Tata, former Chairman and Chairman Emeritus of Tata Sons, the holding company of Tata group of companies who had made personal investment in the company last year.
Urban Ladder is working on several technology innovations to solve complex furniture e commerce
platforms. The company is focusing on the areas of mobile, data and analytics and product visualization. To achieve this effort of providing world class furniture shopping solutions, Urban Ladder is ramping its technical team 3 folds.
On the inclusion of the duo, Ashish Goel, Co Founder and Chief Executive Officer of Urban Ladder said “We are thrilled to have veterans like Anand and Venky onboard as investors to mentor and guide us. They have done some fantastic work in technology, and set very high global benchmarks. It is great that they believe in the potential of the Indian e-commerce industry and are reinvesting in the ecosystem.”
Anand and Venky founded Junglee in 1996, the company that pioneered internet comparison shopping. Junglee was acquired by Amazon in 1998 for $250 million, in India Junglee was launched in 2012. The duo are instrumental in Amazon.com Mechanical Turk, the concept behind third party marketplace.
In 2000, they co founded Cambrian Ventures, an early stage VC fund. Cambrian Ventures has invested in Yousendit, Mobissimo and other tech companies that were backed by Amazon CEO Jeff Bezos and others. Another highlight of their venture is the angel investment in Facebook. They founded Kosmix, a website that organizes the internet by topic in 2005. Kosmix was acquired by Walmart and the duo joined WalmartLabs and led operations till 2012.
Anand Rajaraman of Cambrian Ventures said “Furniture and home décor is a highly unorganized category in India and Urban Ladder has been able to fill the need gap by finding great solutions for
customers. The company’s journey has been very impressive. It’s a great team, off to a terrific start, and well positioned to be the leading furniture and home décor company in India.”
On the other hand, Urban Ladder has received $77 million from various PE investors till now. The company received $50 million funding from existing investors with new investors Sequoia Capital
pitching in for Series ‘C’.
Urban Ladder is offering their services in the major cities of India, Ahmedabad, Bengaluru, Chandigarh, Chennai, Delhi NCR, Hyderabad, Kochi, Kolkata, Mangalore, Mumbai, Pune and Surat. Urban Ladder offers 4000 products in 35 categories as of now, tipped to increase further.
Housing related online businesses are witnessing a sudden spike within the country. Numerous online
real estate and housing related companies have raised substantial rounds of funding, prominent among them Google Capital backed CommonFloor and Sequoia Capital funded Housing.com and HomeLane.
Even Flipkart and Snapdeal have joined the bandwagon and started offering furnishings for home recently. Urban Ladder competitor Fabfurnish has opened brick and mortar stores in Delhi and
Bengaluru and plans to open more shops in Mumbai, Pune and Chandigarh.