The Department of Industrial Policy & Promotion (DIPP) has granted Urban Ladder the single brand retail licence (SRBT), a move that will help home-grown furniture brand to fulfill its ambition of becoming a global furniture retailer, the company said in a statement.
The company, which signed up on online marketplaces Flipkart and Amazon to retail its products apart from its own online channel, had applied for an SBRT licence in September 2016.
“The SBRT licence is a huge vote of confidence and encouragement from the government to young, Indian companies like ours. Creating a nurturing ecosystem for entrepreneurs is beneficial for business, customers, and the country,” said Ashish Goel, CEO of Urban Ladder.
“This licence helps us at Urban Ladder build a brand that can pursue its ambitions as well as help shape the economy impactfully. It will give us the necessary push in becoming India’s most loved consumer brand,” he further said.
According to the company, the licence will give Urban Ladder more flexibility with its designs and product sourcing. It will also help in tightening its supply chain and maintaining healthy inventory.
Urban Ladder said it will also leverage the licence to make digital transactions without relying on third-party sellers.
Urban Ladder is also targeting an IPO in the next 3 years, the company said.