Custom furniture brand WoodenStreet has reported annual revenue of Rs 50 crore (approx.), a 112 percent rise in FY 2019-20, projecting a healthy increase of 138 percent in revenues for the upcoming FY 2020-21.
Founded in 2015 as a platform for providing premium-quality custom furniture, WoodenStreet has shown a remarkable increase, not just in terms of profitable revenue but also in terms of expansion across the Indian sub-continent.
In FY 2018-19, the company had reported a revenue of Rs 24 crore (approx.), almost doubling over this time with a massive expansion drive that now covers 25 experience stores across 15 major cities of India. It was during this period (FY 2018-19) that the company had successfully raised US$ 1 million in Series-A funding from RVCF.
“Expansion was a major drive for us, and we redirected our efforts to create an Omnichannel network to increase accessibility of our furniture range,” says Lokendra Ranawat, CEO of WoodenStreet.
He further explains, “From 12 stores to 25 in a short span of one year is a big leap for us, and this number is sky-bound,” indicating the plan of fierce domestic and international expansion in the coming years.
With over 1 million visitors on WoodenStreet.com per month, the future seems profitable as well, for the company has projected Rs 120 crore (approx.) revenue, a massive 138 percent increase for FY 2020-21.
The online custom furniture brand, with its 25 experience stores, provides access to a massive range of over 10,000 furniture and furnishing products, the ability to customize furniture and interior designing services to suit everyone’s needs.