The Rajasthan-based startup has also set a target of reaching Rs 500 crore in revenue for FY24
Bengaluru: Home furniture and decor brand WoodenStreet plans to open 300 stores in the next 24 months, Lokendra Ranawat, chief executive officer of WoodenStreet said in a release about the company’s revenue for the fiscal year (FY) 2023 on Thursday.
The Rajasthan-based startup has also set a target of reaching Rs 500 crore in revenue in FY24.
“As we set our goals for FY23-24, we’re excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months,” said Lokendra Ranawat, chief executive officer of WoodenStreet.
WoodenStreet has achieved about Rs 200 crore in revenue for the fiscal year (FY) 2023, marking a 50% increase in profit margins compared to the previous year, the release added.
The company has been consistently growing at a 60-65% annual growth rate in India since its inception and has maintained earnings before interest, taxes, depreciation, and amortization (EBIDTA) of Rs 8 crore.
WoodenStreet has added over 45 new stores in the last 12 months.
It also manages warehouses and research and development units spanning over 20 lakh sq. ft.
The brand recently introduced two new sub-verticals, Earthy Threads (soft furnishing brand) and Lightstreet (home illumination brand) this year.
Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet currently operates over 90 experience stores across India and has more than 350 delivery hubs, delivering a range of over 30,000 products.