Furniture startup WoodenStreet raises $30 million in Series B led by WestBridge Capital
- ByStartupStory | April 28, 2022
Jaipur-based online furniture and home decor platform WoodenStreet has raised USD 30 million in a Series B round of funding led by WestBridge Capital at an INR 1200 crore valuation ( nearly USD 200 million) in a mix of both primary and secondary investment.
The startup had closed Series-A funding of $3 million in the year 2020 from RVCF (Rajasthan Venture Capital Fund) and Indian Angel Network (IAN). The funds will be used in market expansion, expansion of supply chain, and creation of new category offerings. The latest infusion would also help in the company’s development of the technology platform.
WoodenStreet was founded in 2015 by Virendra Ranawat, Dinesh Singh Rathore, Vikas Baheti, and Lokendra Singh Ranawat. The furniture startup has over 5o experience stores in all the major cities and claims to have over 15 lakh customers in more than 300 cities in India.
The startup offers complete home solutions, such as solidwood and modular furniture, kitchen & wardrobe, home décor, lighting, furnishings, and recently launched office furniture solutions, thereby making it an emerging leader in the online furniture & decor market.WoodenStreet operates 6 state of art manufacturing and R&D facilities spread India to meet the customer’s needs.
Lokendra Ranawat, co-founder and CEO, WoodenStreet talking about the recent developement, said, “Our main aim has always been to offer products that help improve the comfort and aesthetics of Indian homes. We focus on innovation and design, enabling functional and designer items at an affordable rate. We are extremely happy to welcome WestBridge Capital, who shares our common vision of creating better products as well as providing awesome shopping experiences for Indian customers,”
“WoodenStreet has grown 100% YoY from the past three years while maintaining profitability at net level. We plan to achieve a turnover of INR 600 crore in the next 2 years with this fundraise,” added co-founder and Chief Financial Officer Dinesh Singh Rathore.
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