Omnichannel Custom Furniture Platform: WoodenStreet raised nearly $15 Mn in Series B round via WestBridge
- ByStartupStory | April 22, 2022
Wooden Street, an omnichannel custom furniture platform, raised nearly $15 million or Rs 110 crore in a Series B round led by WestBridge. After two years, the fresh round has come for the Jaipur-based company.
About 10 equity shares and 1,415 Series B CCPS has been issued by WoodenStreet, amounting to Rs 110 crore or close to $15 million to WestBridge, regulatory filings show.
In June 2020, in a Series A round led by IAN Fund and Rajasthan Venture Capital Funds (RVCF), the company had previously raised $3 million. The Series B round appears to be an ongoing one and from existing and new investors the company may rake in more capital.
As per the estimates, at a post-money valuation of Rs 1,125 crore or close to $148 million, the fresh round has been raised by WoodenStreet. During the last round, as compared to $18 million this is more than an eight-fold jump in valuation.
Five-year-old WoodenStreet is an omnichannel network for furniture spanning across India which has over 50 experience stores and has served over half a million customers has been claimed by the company.
The company launched by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, recently said that it plans to double its on-ground presence to 100 stores this year.
WoodenStreet recorded a surge of 95.1% in its operating revenue from Rs 36.26 crore in FY20 to Rs 70.75 crore, for the fiscal year ending on March 31, 2021. As compared to nearly Rs 50 lakh in the preceding fiscal year, its profits shot up 272% to Rs 1.86 crore in FY21, during the period.
To generate around Rs 600 crore in revenue in 2022 has been aimed by the company.
Follow Startup Story
Related Posts
