Founded in 2012, Urban Ladder is one of the early movers in the online furniture segment. Photo: Hemant Mishra/Mint
Bengaluru: Online furniture store Urban Ladder Home Décor Solutions Pvt. Ltd on Tuesday named former Marico Ltd executive Sanjay Gupta as its chief marketing officer. Gupta will lead marketing, branding and content among others at Urban Ladder, the company said in a statement.
Gupta has previously worked with Accenture Plc and consulting firm Purple Squirrel Consulting LLP.
“Over the last three years, we have made significant progress in creating a brand our customers strongly relate to. It is now time for us to take the big leap towards becoming India’s most loved consumer brand, and reach out to a much larger audience. Sanjay will play a key role in our next phase of growth by integrating our marketing efforts and aligning them with our business strategy,” said Ashish Goel, co-founder and chief executive at Urban Ladder.
Founded in 2012, Urban Ladder is one of the early movers in the online furniture segment along with Rocket Internet-backed Fabfurnish, and Pepperfry, which is run by Trendsutra Platform Services Pvt. Ltd.
Investors have pumped in ample cash into online home stores since April last year. Urban Ladder secured $50 million from Sequoia Capital and TR Capital and others in April; Pepperfry raised $100 million in a round led by Goldman Sachs and Zodius Technology Fund in July; and Livspace mopped up $8 million from Helion Ventures, Jungle Ventures and Bessemer Venture Partners in August.
India is home to about 170 start-ups in the segment, who have together raised more than $280 million from investors, according to Tracxn, a start-up tracker. Urban Ladder and Pepperfry, with $77 million and $128 million, respectively, in their kitty, are the most well-funded companies.
Urban Ladder reported a wider loss in 2014-15, hurt by a spurt in advertising and marketing expenses and an enlarged wage bill, Mint reported on 15 December.
Losses grew eight times to Rs.58.51 crore in the year ended 31 March 2015 from Rs.7.62 crore in the year-ago period, according to data available with the Registrar of Companies. Revenue rose 60% to Rs.19.21 crore from Rs.11.88 crore.
Advertising and marketing spending accounted for more than half of its expenses of Rs.77.72 crore. The online retailer spent Rs.40.24 crore on marketing, a whopping 11-fold increase from Rs.3.57 crore a year ago.
[“source-Livemint”]
