It seems that online furniture retailer Urban Ladder is going through a rough journey. While the firm is struggling to raise new funds, the eight year old company is experiencing continuous executive-level attrition.
The most recent to exit the company is Rajiv Srivatsa, who has stepped down from his role as the home furnishing company's Chief Technology and Product Officer. He was also the Co-founder of the company. In his LinkedIn post Srivatsa was quoted saying that while the 'period of change is exhilarating and scary', the 40-year-old entrepreneur revealed that he is keen at exploring various avenues in the coming months before he decides to choose a specific path.
Srivatsa also confirmed that he will 'continue to be an engaged shareholder and Board member', and work with the Ratan Tata-backed company's founder and CEO, Ashish Goel. He will transition out of his leadership role at the end of this month.
Prior to Srivatsa, Pradeep James, director of Design and Visual Merchandising at Urban ladder quit recently, and Vani Kola, Managing Director of Kalaari Capital which has invested in Urban Ladder, has also stepped down from the Board in August.
In the January-March quarter of this year, Urban Ladder had handed out pink slips to a significant chunk of its employees across functions in a bid to stay afloat and survive. Hwever, Ashish in an interaction with a media house said that layoffs were necessary for the survival of the company. He also said the company was on track to be profitable at the EBITDA level in July and was working towards a goal of delivering ₹8 crore – ₹10 crore of EBITDA this fiscal.