WoodenStreet raises $30 million
On Wednesday, Online furniture and home decore platform WoodenStreet informed that it has raised $30 million (nearly Rs 230 crore) in the recent fundraising. This funding round was led by WestBridge Capital at Rs 1,200 crore valuation. WoodenStreet further said that as of now, it is the largest funding raised by any vertical furniture company for the year in India. It further told that the startup that has over 50 experience stores in major cities and claims to provide its services to more than 15 lakh customers. WoodenStreet was founded by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti in the year 2015. Earlier, the furniture startup raised a funding of $3 million in its Series A funding from IAN and RVCF (Rajasthan venture capital funds).
After the fundraising, co-founder and CEO of the startup, Ranawat said, "We focus on design and innovation, enabling functional and designer items at affordable price.” The Jaipur-based startup aims to open 200 stores in the next two years, and onboard close to 3,000 home decor brands. Its cofounder, Rathore further said, "WoodenStreet has grown 100 percent (on-year) in the past three years while maintaining profitability at a net level, and we plan to achieve a turnover of Rs 600 crore in the next two years with this fundraise.”