Woodenstreet, Home Furniture Startup, Announces Investor Exit with 12x Returns in 2 Years
- ByStartupStory | April 5, 2023
Indian Angel Network (IAN) has announced the exit of one of its portfolio companies, Woodenstreet, which offers affordable home furniture and décor products. Some investors in the company have reportedly exited with returns amounting to 12 times their investment in just over two years. Woodenstreet had secured funding from IAN Fund and IAN Angel Investors in 2020.
Padmaja Ruparel, co-founder of Indian Angel Network (IAN), praised Woodenstreet, a home furniture and décor platform, for its impressive growth and profitability. Woodenstreet received funding from IAN Fund and IAN Angel Investors in 2020 and has now achieved economies of scale. The company offers premium quality, luxury, and affordable furniture, and has a strong Pan-India presence with plans for aggressive expansion. Ruparel expressed confidence that Woodenstreet will continue to succeed and offered her best wishes to the team.
Lokendra Singh Ranawat, CEO of Woodenstreet, expressed his gratitude towards IAN for their support in the company’s journey of scaling and achieving its goals. He mentioned that Woodenstreet has expanded to 100 experience stores across the country and aims to open 300 stores in the next two years to reach more customers.
Woodenstreet is dedicated to customer satisfaction and is consistently expanding its presence in various cities to offer customers the opportunity to explore their furniture collection. The company aims to open additional physical stores in the coming months to provide affordable designer furniture that is easily accessible to their audience. Recently, Woodenstreet secured $30 million in a Series B funding round from WestBridge Capital.
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