WoodenStreet raises $30 mn led by WestBridge Capital, valuation zooms to over $200 million
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 Jaipur-based online furniture and home decor platform WoodenStreet has raised $30 million in a Series B round of funding led by WestBridge Capital at a Rs 1200 crore valuation ( or over $200 million) in a mix of primary and secondary investment.
The company had closed Series-A funding of $3 million in 2020 from Indian Angel Network (IAN) and RVCF (Rajasthan Venture Capital Fund). 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.
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, WoodenStreet has 50 plus experience stores in all major cities and claims to serve more than 15 lakh customers in 300 plus cities in India.
The start-up offers complete home solutions including solidwood and modular furniture, kitchen & wardrobe, home décor, lighting, furnishings and recently also launched office furniture solutions, thereby making it an emerging leader in the online furniture & decor market.
“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 an affordable price. We are happy to welcome WestBridge Capital, who shares our common vision of creating better products and awesome shopping experiences for Indian customers,” Lokendra Ranawat, co-founder and CEO, WoodenStreet said.
WoodenStreet also operates 6 state of art manufacturing, R&D facilities spread across the country to meet their growing needs.
“WoodenStreet has grown 100 per cent YoY from past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in next two years with this fund raise,” added co-founder and CFO Dinesh Singh Rathore