Urban Ladder CEO and co-founder Rajiv Srivatsa steps down
today Oct 23, 2019
Urban Ladder’s CEO and co-founder Rajiv Srivatsa has decided to leave the business after eight years as it continues to restructure and move towards a lower price point.
The online homeware, furniture, and textiles retailer Urban Ladder will bid goodbye to one of its original founders, Rajiv Srivatsa, at the end of the month.
“The last eight years have been an outstanding journey building Urban Ladder,”wrote Srivatsa on LinkedIn. “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 [co-founder] Ashish on strategic initiatives.”
Srivatsa’s departure from Urban Ladder will follow that of Ajit Joshi, who left his role as president of the business back in April, ET Retail reported. Srivatsa co-founded the business with Ashish Goel who told the Economic Times that Urban Ladder has recently restructured its business, downsized its workforce, stopped cash-on-delivery services, and its moving to a cheaper price point to remain competitive in the market. The brand will also exit cities in which it is not making a profit, Goel said.
Urban Ladder reported a revenue total of Rs 205 crore ($30.8 million) with Rs 117 crore losses for the 2018 financial year, according to its regulatory filings.
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