Urban Ladder cofounder Rajiv Srivatsa is stepping down from the company. His exit comes at a time when the Bengaluru-based online furniture retailer is at a crossroads. He announced the decision in a Linekdin post:
The last 8 years have been an outstanding journey building Urban Ladder (UL). I will transition out of my active leadership role as CTPO at UL at the end of this month. I will continue to be an engaged shareholder and Board member, and work with Ashish on strategic initiatives.
I am mighty proud of what we have accomplished at UL - a big shoutout and thanks to our customers, investors, partners, team members, friends, family and last but not least, Ashish for the ride of a lifetime!
In our 8 year journey, we have built an incredibly well-loved and respected furniture brand. UL is recognized for its good quality, great design and outstanding service. I am supremely confident that we will continue this momentum and truly build one of India’s most loved consumer brands.
Periods of change are always exhilarating, and scary in their own way. The big question, what am I going to do next? I am starting with a reasonably blank slate. The plan is to explore various avenues in the coming months before choosing a specific path. I would love to connect with many of you, hear your experiences and maybe some dots will connect!
‘The journey of a thousand miles starts with a single step’. And I am taking my first step today in pursuit of a new journey. Wish me luck :)
The eight year old company is moving towards a lower price point to stay competitive and has laid off a fourth of its workforce.
In August, Vani Kola, the Managing Director of Kalaari Capital had left Urban Ladder’s board and in April, Ajit Joshi had quit as Urban Ladder’s president.
“We have been long time supporters ...and continue to be so. We have not sold any shares and plan to be long term shareholders. We will be appointing a different investment team member to the board to rebalance our bandwidth,” Kola told Economic Times.
Urban Ladder has its task cut out with Walmart-owned Flipkart and Amazon’s decision to commit huge resources on furniture segment and IKEA’s entry to India.
IITians Ashish Goel and Rajiv Srivatsa founded Urban Ladder in July 2012. The startup is backed by top tier venture capital firms Steadview Capital, SAIF Partners and Kalaari Capital.
The company last raised USD 5.6 million in a debt financing round from Trifecta capital in September 2018.