Online furniture marketplace WoodenStreet is planning to raise US$ 10 million in the next 12 months, the company said in a statement on Sunday.
According the company, the newly-raised fund would be utilised for an Omnichannel expansion across India, including an increase in footprint in four more cities — Mumbai, Hyderabad, Chennai and Pune — by the next quarter.
“Currently, we operate 15 stores across India. As we grow, we are planning to open 20 more stores, which will help our base of 1 lakh customers increase by five-fold,” said CEO Lokendra Ranawat.
WoodenStreet started in 2015 with the feature of customization of solid wood furniture, enabling customers to transform the looks and functionality of their furniture as they see fit.
“With the prospect of new funds, the company will also head in the direction of augmented reality-enabled furniture experience, allowing customers to project an interactive 3D model of furniture,” the statement said.