An online custom furniture startup based in Jaipur, India Wooden Street has acquired a US$3 Million in Series-A funding from IAN Fund and Rajasthan Venture Capital Funds (RVCF).
The startup plans to make use of this investment to expand its service across other states of India as well as abroad.
Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet was launched as an online platform providing furniture and home accessories, and has evolved into a multi-channel network spanning across India. An online furniture store saves time as it doesn’t require you to visit a physical store, has a large and diverse inventory, offers better and affordable pricing options, has the option of a home delivery and also provides easy replacement facility. Wooden Street has an exclusive range in home furniture products like sofa sets, coffee tables, wardrobes, dining tables, etc. The company recently forayed into technology-enabled furniture buying experiences by investing in Virtual Reality and 3D Visualization.
Co-founder of IAN was quoted to have said that startups which are investing in tech-based services are an essential in today’s time and the above mentioned investments of Wooden Street are very commendable and that they are going to guide and mentor the startup in every way possible in order to assist it in becoming even more successful.
Rajasthan Venture Capital Funds (RVCF) is an existing investor for Wooden Street, which helped the startup open 20 stores in India with an initial investment of $1 Million in 2018.
The company earlier closed the year with a revenue of US$1 Billion and with the new series of funding is expected to increase its revenue to approximately US$3 Billion.
The startup owns 25 stores across various cities like New Delhi, Gurgaon, Pune, Mumbai, Chennai, Hyderabad and is steadily branching out in other regions.
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