Online furniture platform WoodenStreet raises around $30 million in WestBridge Capital-led funding round: The Tribune India
Jaipur-based online furniture and home decor platform Woodenstreet.com has raised approximately $30 million in a Series B funding round led by WestBridge Capital, in a combination of investments primary and secondary.
So far, this is the largest funding raised by a vertical furniture player for the year 2022 in India. Previously, WoodenStreet closed a $3m Series A funding in 2020 from IAN and RVCF (Rajasthan Venture Capital Fund).
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, Wooden Street has over 50 experience stores in all major cities and claims to serve over 15 lac customers in over 300 cities in India.
The startup offers complete solutions for the home, including solid wood and modular furniture, kitchen and wardrobe, interior design, lighting, furniture and recently launched office furniture solutions, making it a emerging leader in the online furniture and decoration market.
WoodenStreet also operates 6 state-of-the-art manufacturing and R&D facilities located nationwide to meet their growing needs.
When asked about the vision for this round of funding, the company’s co-founder and CEO, Mr. Lokendra Ranawat said, “Our goal has always been to offer products that enhance the aesthetics and comfort of Indian homes. . We focus on design and innovation, enabling functional, designer items at an affordable price. We are pleased to welcome WestBridge Capital, which shares our common vision of creating better products and an exceptional shopping experience for Indian customers.
“WoodenStreet has grown 100% YoY over the past three years while maintaining profitability on a net basis, and we expect to achieve a turnover of INR 600 cr over the next two years through this fundraiser,” adds co-founder and CFO Dinesh Singh Rathore.
Co-founders Virendra Ranawat and Vikas Baheti said Woodenstreet has established itself as a favorite brand among Indian furniture consumers, and the focus will be on expanding into new categories like office and modular furniture. WoodenStreet plans to open a total of 200 stores in the next 2 years and plans to integrate nearly 3,000 home decor brands under its platform.
The latest capital injection will be used to fund expansion into new markets, further development of the technology platform, expansion of the supply chain and creation of new category offerings.
“We are impressed with WoodenStreet’s ability to effectively raise capital in a strategic consumer category. The founders focus on customer delight is what we are passionate about and look forward to a very long partnership with them. ” said Sandeep Singhal, co-founder of WestBridge Capital.
WestBridge Capital is an experienced investment firm, managing over $7 billion of capital in funds in India and Mauritius that focus on investments in India. WestBridge Capital leverages its capital and experience to help businesses succeed. WestBridge seeks to partner with some of India’s most promising mid-market companies led by exceptional long-term entrepreneurs and management teams, whether public or private. During their career, the WestBridge team has led investments in over 130 companies. With this wealth of experience, the team is able to assist its portfolio companies – as needed – in many areas, including strategy, operations, executive search and fundraising.