Jaipur based Furniture Brand WoodenStreet raises $30 mm in Series B led by WestBridge
Jaipur based Furniture Startup WoodenStreet raises $30 mm in Series B led by WestBridge
The company backed IndiQube, a flexible workspace provider, to raise $ 30 million in Series B funds.Woodstreet, a Jaipur-based online furniture platform, has raised B 30 million (Rs. 229 crore) in Series B funding from homegrown private equity fund Westbridge Capital.
The startup will use the new funds for geographical expansion, upgrading of its technology platform, expansion of supply chain and offering of new range. The transaction is valued by the company, which also owes ₹ 1,200 crore ($ 156 million).
The company currently operates more than 50 stores and offers home solutions including solid-wood and modular furniture, kitchen and clothing, home decor, lighting and furnishings. It serves more than 300 cities. Woodstreet plans to enter the office and modular furniture market.
“Woodstreet has grown 100% annually over the last three years and maintains net profitability, and we plan to achieve a turnover of ₹ 600 crore over the next two years with this fund,” said Dinesh Singh Rathore.
The round saw participation from existing investors, Accel Partners and IDG Ventures India, while Kalaari Capital also participated in the round.
With this latest round of funding, the company plans to expand its manufacturing footprint and strengthen its technology platform.
WoodenStreet was founded in 2015 by IIT alumni Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, Vikas Baheti. The brand is known for making furniture with a focus on contemporary design and Indian craftsmanship.
The company has a strong online presence with its website and app, and also has a network of offline stores. With this latest round of funding, the company plans to expand its manufacturing footprint and strengthen its technology platform.
WoodenStreet’s product range includes furniture for bedroom, living room, dining room and office. The company also offers customisation options for its products.
The brand has been able to create a loyal customer base due to its focus on quality and design. With this latest round of funding, WoodenStreet plans to consolidate its position in the Indian furniture market.
Commenting on the investment, WestBridge Capital Partners said, “We have been tracking WoodenStreet for some time now and are impressed by their execution capability, technological leadership and strong team.
Indian consumers spend a significant amount of their disposable income on furniture and WoodenStreet has built a differentiated brand that addresses this need in an effective manner. We look forward to partnering with them in cementing their leadership position in the online furniture market”.
Speaking about the company’s plans for the future, Virendra Ranawat, Founder of WoodenStreet said, “The funding will allow us to invest heavily into technology that can help us provide customers with a better experience while also scaling up our manufacturing operations. We are also looking to use some of the funds for marketing initiatives that can help us reach a wider audience”.
With this latest round of funding, WoodenStreet has raised a total of $46 million. The company had earlier raised $16 million in its Series A funding round led by Accel Partners and IDG Ventures India in 2017.
About WoodenStreet:
WoodenStreet is a Jaipur based online furniture brand that offers a wide range of furniture for homes and offices. The company was founded in 2015 by IIT alumni Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, Vikas Baheti.
The brand has been able to create a loyal customer base due to its focus on quality and design. With this latest round of funding, WoodenStreet plans to consolidate its position in the Indian furniture market. For more information, please visit: https://www.woodenstreet.com
Dinesh Pratap SinghLokendra RanawatVikas BahetiVirendra RanawatWestBridgeWoodenStreet
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