Online furniture and home decor platform WoodenStreet on Wednesday announced that it raised around USD 30 million (Rs 230 crore) in the latest funding round led by WestBridge Capital.
The investment was done at a valuation of Rs 1,200 crore and it was a mix of primary and secondary investment, WoodenStreet said in a statement. “So far, it is the largest funding raised by any vertical furniture player for the year 2022 in India,” the Jaipur-based startup said. The fresh fund will be used for new market expansion, further development of the technology platform, expansion of supply chain and creation of new category offerings, it added.
With this fundraise, WoodenStreet plans to achieve a turnover of Rs 600 crore in the next two years. In 2020, WoodenStreet had closed the series-A funding of USD 3 million from IAN and RVCF (Rajasthan Venture Capital Funds). Founded in 2015, WoodenStreet has 50-plus experience stores in all major cities, and it claims to serve more than 15 lakh customers in 300-plus cities in the country.
WoodenStreet also operates six manufacturing and research & development facilities spread across the country. It offers home solutions, including solid wood and modular furniture, kitchen and wardrobe, home d cor, lighting and furnishings, and the recently-launched office furniture solutions. WoodenStreet co-founder and CEO Lokendra Ranawat said: “We focus on design and innovation, enabling functional and designer items at affordable price. We are happy to welcome WestBridge Capital who shares our common vision of creating better products and awesome shopping experience for Indian customers.”
Its co-founder and CFO Dinesh Singh Rathore said WoodenStreet has grown 100 per cent year-on-year over the past three years. “We plan to achieve a turnover of Rs 600 crore in next two years with this fundraise,” he added. WoodenStreet plans to open 200 stores over the next two years, and aims to onboard close to 3,000 home d cor brands under its platform, it added.
WestBridge Capital co-founder Sandeep Singhal said: “We are impressed by WoodenStreet’s ability to scale capital efficiently in a strategic consumer category. The founders’ focus on customer delight is what excites us, and we look forward to a very long partnership with them.” WestBridge Capital manages over USD 7 billion of capital across funds in India and Mauritius that focus on investments in India. WestBridge has led investments in over 130 companies.