Udaipur/Jaipur-based online Furniture & home decor platform, Woodenstreet.com, has raised around $30 Mn in series-B round of funding led by WestBridge Capital, in both Primary and Secondary investment.
By far, it is the largest funding raised by any vertical furniture player across India in the year 2022. Lately, WoodenStreet had closed series-A funding of $3 million in 2020 from IAN and RVCF (Rajasthan venture capital funds).
Established in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, Wooden Street has 50 plus stores in all major cities and claims to serve more than 15 lakh customers in 300 plus cities across India.
This startup offers complete home solutions including solidwood & modular furniture, kitchen & wardrobes, home décor, lighting, furnishings. Moreover, recently WoodenStreet has introduced the office furniture section thereby making it an emerging leader in the online furniture & decor market.
Furthermore, WoodenStreet also deals with 6 state of art manufacturing, R&D facilities spread across the country to meet their budding requirements.
On being asked about the vision with this round of funding, the Co-founder and CEO of the company Mr. Lokendra Ranawat said- “Our aim has always been to offer products that improves the aesthetics and comfort of Indian homes. We focus on design and innovation, thereby offering functional and designer items at affordable price. We are happy to welcome WestBridge Capital, that shares our common vision of creating better products and awesome shopping experience for Indian customers”
“WoodenStreet has grown 100% yoy from past three years while maintaining profitability at net level, and we plan to achieve a turnover of INR 600 cr in the coming two years with this fund raise” adds Co-founder and CFO Dinesh Singh Rathore.
Co-founder Virendra Ranawat and Vikas Baheti said that Woodenstreet has established itself as one of the most preferred brand among the customers when it comes to buying designer Indian furniture. Moreover, since most of us shall be working from home in the foreseeable future, WoddenStreet came up with an idea of introducing the entirely new office and modular furniture section.
Furthermore, WoodenStreet has planned to open a total of 200 stores in the coming 2 years, and has also decided to onboard close to 3000 home décor brands under its platform.
Their latest capital infusion will be focusing on new market expansion, technological development, expansion of supply chain, and creation of new category offerings.
“We are impressed by WoodenStreet’s ability to scale capital efficiently in a strategic consumer category. The founders focus on customer delight is what excites us and we look forward to a very long partnership with them.” said Sandeep Singhal, co-founder of WestBridge Capital.
WestBridge Capital is an experienced investment firm, managing over $7 billion of capital funds across India and Mauritius that focusses on investments in India. WestBridge Capital leverages both its capital and experience to help companies prosper. WestBridge seeks to partner with some of India’s most promising mid-sized companies run by outstanding entrepreneurs and management teams for the long-term, be it public or private. By far, the team at WestBridge has led investments in over 130 companies. Armed with the wealth of experience, their team is able to assist its portfolio companies in many areas including strategy, operations, management recruiting and fundraising.