Jaipur-based online furniture and home decor platform Woodenstreet.com has raised around $30 million in series-B round of funding led by WestBridge Capital at Rs 1200 crore valuation, in a mix of Primary and Secondary investment.
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.
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), it said in a press statement.
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 and recently also launched office furniture solutions. WoodenStreet also operates 6 state-of-art manufacturing, R&D facilities spread across the country to meet their growing needs.
Co-Founder and CEO of the company Lokendra Ranawat said, “We are happy to welcome WestBridge Capital, who shares our common vision of creating better products and awesome shopping experiences for Indian customers”
Co-Founder and CFO Dinesh Singh Rathore said, “WoodenStreet has grown 100 percent YoY from past three years while maintaining profitability at net level. We plan to achieve a turnover of Rs 600 crore in next two years with this fund raise”.
Co-Founders Virendra Ranawat and Vikas Baheti said 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.
"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.
