Home Latest News WoodenStreet raises around $30 Million in funding round led by WestBridge Capital

WoodenStreet raises around $30 Million in funding round led by WestBridge Capital

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Jaipur-based online Furniture & home decor platform Woodenstreet.com has raised around $30 Mn in a series-B round of funding led by WestBridge Capital at Rs 1200 crore valuation , in a mix of Primary and Secondary investment, an official statement highlighted.  

The statement also stated that it is the largest funding raised by any vertical furniture player for the year 2022 in India. Previously, WoodenStreet had closed series-A funding of $3 million in 2020 from IAN and RVCF (Rajasthan venture capital funds). 

Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, Wooden Street has 50 plus experience stores in all major cities and claims to serve more than 15 lac customers in 300 plus cities in India.

Lokendra Ranawat, Co-founder and CEO, Wooden Street on being asked about the vision with this round of funding, said- “Our aim has always been to offer products that improves the aesthetics and comfort of Indian homes. We focus on design and innovation, enabling functional and designer items at affordable price. We are happy to welcome WestBridge Capital, who shares our common vision of creating better products and awesome shopping experience for Indian customers”

 “WoodenStreet has grown 100% yoy from past three years while maintaining profitability at net level, and we plan to achieve a turnover of INR 600 cr in next two years with this fund raise” adds Co-founder and CFO Dinesh Singh Rathore.

Co-founder Virendra Ranawat and Vikas Baheti said that Woodenstreet has established itself as a preferred brand for Indian furniture consumers, and the focus will be on expansion into new categories like office and modular furniture. WoodenStreet plans to open a total of 200 stores over the next 2 years, and plan to onboard close to 3000 home décor brands under its platform. 

The latest capital infusion will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain, and creation of new category offerings.