Udaipur based Custom Furniture start-up WoodenStreet raises USD 3 Million in Series-A

Udaipur-based online custom furniture platform WoodenStreet has raised USD 3 Million in Series-A funding from IAN Fund and Rajasthan Venture Capital Funds (RVCF). The company plans to utilize this investment in increasing its footprint, both domestically and globally. WoodenStreet operates 25 Experience stores in India and is a leading player in the Online Furniture market. 

Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet launched as an online platform providing Furniture & Home accessories and has now evolved into an omnichannel network spanning across India with over 25 Experience Stores, robust online service and delivery centres in over 100 cities. Recently, the company ventured into technology-enabled furniture buying experiences, investing in Virtual Reality and 3D visualization, much needed in the Post-COVID era.

WoodenStreet Team

“We are very excited about this new partnership with IAN Fund”, states Lokendra Ranawat, CEO of WoodenStreet. “Along with an unparalleled network and domain expertise, IAN Fund brings with it a new level of mentorship that, we expect, will guide us in working towards a better, larger perspective”, he explains.

Commenting on the investment, Saurabh Srivastava, Co-Founder, IAN, said “The innovation by WoodenStreet to create a tech-enabled furniture buying experience for customers is commendable. It is important for us to look at startup’s who can innovate to sustain in these challenging times. The transition of WoodenStreet is really impressive and we are confident that the team will continue to enhance its products and emerge as a leading player in the domain.” 

Apart from IAN Fund, RVCF is an existing investor for WoodenStreet, having backed the company in 2018 with an investment of USD 1 Million which was channelled into the first wave of nationwide expansion, culminating with 20+ stores within India. 

WoodenStreet Udaipur

Currently, the company expects to close the year at a revenue of INR 100 crore. With the new investment, WoodenStreet expects to emerge as a leading global Home Décor brand, with 50+ Experience Stores across the globe and revenues to the tune of INR 300 crore in the next two years.

The company also believes that such an investment is also a great initiative to give voice to local brands. With an increase in import duties, home-grown brands can utilize such investments in building themselves up and shape a better tomorrow under the ‘Make in India’ umbrella.

About IAN & IAN Fund

Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others. 

The IAN fund, which is INR 375 crore fund, is a uniquely differentiated as seed/early-stage fund which aims to transform India’s entrepreneurial landscape. 

The fund has institutional investors like SIDBI’s Fund of Funds for Startups,  IIFL, Wadhwani Foundation, Yes Bank, Max Group, Gray Matters Capital, Hyundai along with marquee individuals like Kris Gopalakrishnan, Sunil Munjal, Rajan Anandan, Kanwal Rekhi, Vikram Gandhi, Jerry Rao amongst many other.


Udaipur-Based Online Furniture Platform raises $1 Million Funding

Udaipur-based online custom-furniture platform, WoodenStreet, has raised $1 Million in Series-A funding. The round was led by RVCF (Rajasthan Venture Capital Funds) and the investment was overseen by Growth India Fund.

WoodenStreet was founded in May 2015 by two brothers from Udaipur, Mr. Lokendra Ranawat and Mr. Virendra Ranawat, along with their friends, Mr. Dinesh Pratap Singh and Mr. Vikas Baheti.

At WoodenStreet, customers can either select from an existing catalog of pre-made designs, requesting modifications as per their requirements, or directly interact with highly specialized designers, who can understand their needs and ideas, to have something built entirely unique for them.

“Due to widespread diversity, every single home is different which is why we believe custom made & space saving furniture was just not a trend but the future, we wanted every customer to own furniture of their choice being in the most compact manner”- says, Lokendra Ranawat, Co-Founder

With more than 200 employees and three years of functioning, the company has seen a profitable traction of 10,000 new visitors per day on their website. Delivering across 30 major cities in India, they have served more than 20,000 happy customers.

Through this round of investment, the company gets an opportunity to expand in new business verticals, such as Interior Designing services. This will enable them in modernizing and digitizing every space by providing an end-to-end e-commerce platform that will not only facilitate custom-made furniture but also cover the interior design sector.