WoodenStreet has raised a Series B round of $30 million. The round was led by WestBridge Capital. In combination with primary and secondary investment, the online furniture and home decor startup's valuation reached Rs 1200 crore.
WoodenStreet is planning to utilize the fresh funding capital in the following ways:
- For new market expansion,
- Further development of its technology platform,
- Expansion of its supply chain, and
- Creation of new category offerings.
WoodenStreet is a Jaipur-based startup that previously closed a Series A round worth $3 million from IAN and Rajasthan Venture Capital Funds (RVCF) in 2020.
WoodenStreet was founded by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti in the year 2015. WoodenStreet guarantees to have over 50 stores in India, catering to more than 15 lakh customers in 300+ Indian cities.
The startup facilitates complete home solutions, including
- Solid wood or modular furniture,
- Kitchen and wardrobe,
- Home décor,
- Lighting, and
- Furnishings.
According to CFO Dinesh Singh Rathore, the company has grown 100 % annually in the past 3 years while maintaining profitability at the next level. Looking forward, the startup is planning to open a total of 200 stores in upcoming years and onboard close to 3,000 home décor brands under its platform.
EXECUTIVE OPINION:
Sandeep Singhal, Co-founder of WestBridge Capital, said, "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.”
Lokendra Ranawat, Co-founder and CEO, WoodenStreet, said, “Our aim has always been to offer products that improve the aesthetics and comfort of Indian homes. We focus on design and innovation, enabling functional and designer items at affordable prices. We are happy to welcome WestBridge Capital, which shares our common vision of creating better products for Indian customers.”
