Urban Ladder, one of the leading players in the online furniture marketplace segment, is now facing the same problem as many top Indian startups — executive exits. As per a report from LiveMint, the company has parted ways with at least four key executives in the past one month.
Rushabh Sanghavi, Vice President of category and sourcing; and Nikhil Ramprakash, Vice President of sales and online marketing, have quit. Both of whom joined Urban Ladder in 2012 in the early days. In March, Parag Shah, Vice President, fit outs, urban interiors and alliances, and chief marketing officer Sanjay Gupta also resigned.
These top-level exits come at a time when the company is trying to establish its presence in the offline market. Urban Ladder is also struggling with a slowdown in business, which is said to be the reason to enter the offline market.
However, these aren’t the only top-level exits from the company. Last year, chief technology officer Apurva Dalal, Kartikeya Misra, Vice President and head, product and design and Prithvi Raj Tejavath, Vice President, category management, and growth, had quit the company.
The top-level executive departure indicates that Urban Ladder is struggling to sustain growth and they do not see a rosy future for the company. Commenting about this, a person aware of the matter said:
Business has slowed down for Urban Ladder over the last 12 months. Sales have remained flat at Rs20-25 crore per month. The slowdown and recent pivot might have prompted these executives to take a call on their future with the company. Essentially, the entire senior management reporting to the founders barring Kaustabh Chakraborty, the operations head, have quit.
Urban Ladder has recently launched a new brand identity and is on course to widen offline distribution channels beyond company-owned centers. It plans to launch at least three experience centers in Bengaluru and is exploring partnerships with large format retail stores.
The company is also eyeing local furniture stores, where it might take assisted commerce route through kiosks displaying the Urban Ladder catalogue. It will also explore partnerships with paints and white goods appliances brands among others, which may involve cross-selling. The company has already listed its products on online marketplaces Amazon and Flipkart.
Earlier this year, the company secured $15.2 million in a fresh funding round from existing investors Kalaari Capital, SAIF Partners, Steadview Capital and Sequoia Capital, among others.
