Online Furniture Platform WoodenStreet raises around $30 mn in funding round led by WestBridge Capital
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 a mix of Primary and Secondary investment.
So far, it is the largest funding raised by any vertical furniture player for the year 2022 in India. Previously, WoodenStreet had closed series-A funding of $3 million in 2020 from IAN and RVCF (Rajasthan venture capital funds).
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, Wooden Street has 50 plus experience stores in all major cities and claims to serve more than 15 lac customers in 300 plus cities in India.
The startup offers complete home solutions including solid wood & modular furniture, kitchen & wardrobe, home décor, lighting, furnishings and recently also launched office furniture solutions making it an emerging leader in the online furniture & decor market.
WoodenStreet also operates 6 state of art manufacturing, R&D facilities spread across the country to meet their growing needs.
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, enabling functional and designer items at affordable price. We are happy to welcome WestBridge Capital, who 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 next 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 a preferred brand for Indian furniture consumers, and the focus will be on expansion into new categories like office and modular furniture. WoodenStreet plans to open a total of 200 stores over the next 2 years, and plan to onboard close to 3000 home décor brands under its platform.
The latest capital infusion will be utilised to fund new market expansion, further development of the technology platform, 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 across funds in India and Mauritius that focus on investments in India. WestBridge Capital leverages both its capital and experience to help companies succeed. 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, whether they are public or private. Over the course of their careers, the team at WestBridge has led investments in over 130 companies. Armed with this wealth of experience, the team is able to assist its portfolio companies –when required -in many areas including strategy, operations, management recruiting and fundraising.
