Jaipur, India-based online furniture and home decor platform WoodenStreet raised USD 30 million in the Series B round of funding. The round took place on April 27, 2022. WestBridge Capital led the funding for WoodenStreet.
Consequently, the startup’s valuation soared to USD 156 million (INR 1200 crore). The funding was a mixture of primary and secondary investment. Under secondary investment, existing investors sell shares to new investors, and the money does not go to the company.
Purpose of Funding for WoodenStreet
The company will use the latest capital to expand into different markets, invest in technology, expand the supply chain and add more categories. It also has plans to open 200 stores in the next two years and onboard more than 3,000 home decor brands.
Currently, WoodenStreet operates more than 50 stores and provides service in 300 plus cities. The startup offers home solutions such as solid-wood and modular furniture, kitchen and wardrobe, home décor, lighting and furnishings.
The furniture and home decor platforms plan to enter the office and modular furniture markets. Earlier in 2020, the Jaipur-based company closed its Series A round worth USD 3 million from IAN and Rajasthan Venture Capital Funds (RVCF).
What the founders have to say
Lokendra Ranawat, Co-founder and CEO, WoodenStreet, said, “Our aim has always been to offer products that improve the aesthetics and comfort of Indian homes. We focus on design and innovation, enabling functional and designer items at affordable prices. We welcome WestBridge Capital, which shares our common vision of creating better products for Indian customers.”
In addition, the co-founder and CFO of WoodenStreet, said, “WoodenStreet has grown 100 per cent YoY from past three years while maintaining profitability at a net level, and we plan to achieve a turnover of Rs 600 crore in next two years with this fundraise.”
What the investor has to say
“We are impressed by WoodenStreet’s ability to scale capital efficiently in a strategic consumer category. The founders’ focus on customer delight excites us, and we look forward to a very long partnership with them,” said Sandeep Singhal, Co-Founder of WestBridge Capital.
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