Jaipur-based online custom furniture platform WoodenStreet has raised US$ 3 Million in Series-A funding lead by IAN Fund and Rajasthan Venture Capital Funds (RVCF) also the part.
The company plans to utilize this investment in increasing its footprint, both domestically and globally. WoodenStreet operates 25 experience stores in India and is a leading player in the online furniture market.
Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet launched as an online platform providing furniture & home accessories, and has now evolved into an omnichannel network spanning across India with over 25 experience stores, a robust online service and delivery centres in over 100 cities.
Recently, the company ventured into technology-enabled furniture buying experiences, investing in Virtual Reality and 3D visualization, much needed in the Post-COVID era.
“We are very excited about this new partnership with IAN Fund. Along with an unparalleled network and domain expertise, IAN Fund brings with it a new level of mentorship that we expect will guide us in working towards a better, larger perspective,” states Lokendra Ranawat, CEO of WoodenStreet.
Commenting on the investment, Saurabh Srivastava, Co-Founder, IAN says, “The innovation by WoodenStreet to create a tech enabled furniture buying experience for customers is commendable. It is important for us to look at startup’s who can innovate to sustain in these challenging times. The transition of WoodenStreet is really impressive and we are confident that the team will continue to enhance its products and emerge as a leading player in the domain.”
Apart from IAN Fund, RVCF is an existing investor for WoodenStreet, having backed the company in 2018 with an investment of US$ 1 million which was channelled into the first wave of nationwide expansion, culminating with 20+ stores within India.
Currently, the company expects to close the year at a revenue of Rs 100 crore. With the new investment, WoodenStreet expects to emerge as a leading global home décor brand, with 50+ experience stores across the globe and revenues in tune of Rs 300 crore in the next two years.
The company also believes that such an investment is also a great initiative to give voice to local brands. With an increase in import duties, home-grown brands can utilize such investments in building themselves up and shape a better tomorrow under the ‘Make in India’ umbrella.