[Funding alert] Custom furniture startup WoodenStreet raises $3M in Series A funding from IAN Fund and RVCF
Jaipur-based online custom furniture platformsaid has raised $3 million in a Series A funding round led by IAN Fund and Rajasthan Venture Capital Funds (RVCF).
The startup said it plans to utilise the funds to increase its footprint, both domestically and globally.
With the new investment, WoodenStreet sees itself emerging as a global home décor brand, with over 50 experience stores across the globe. It expects revenue of around Rs 300 crore, over the next two years.
The company added it anticipates closing out the current year with Rs 100 crore in revenue.
Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet launched as an online platform providing furniture and home accessories, and has now evolved into an omni-channel network, spanning across India, with over 25 experience stores, a robust online service and delivery centres in over 100 cities.
Recently, the company ventured into technology-enabled furniture buying experiences, investing in virtual reality and 3D visualization, much needed in the post-COVID-era.
The company's existing investor, RVCF, which had backed the company in 2018, with an investment of $1 million, participated in the round. The fund's first investment in the company had helped fuel a nationwide expansion, culminating with over 20 stores within India.
The IAN Fund, a Rs 375 crore fund, is a seed and early stage fund that invests in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech and hardware.
“We are very excited about this new partnership with IAN Fund. Along with an unparalleled network and domain expertise, IAN Fund brings with it a new level of mentorship that we expect will guide us in working towards a better, larger perspective,” Lokendra said.
Some of IAN's portfolio companies include WebEngage, Druva, Box8, Sapience Analytics, Wow! Momo, and Consure, among many others.
“It is important for us to look at startups who can innovate to sustain in these challenging times," said Saurabh Srivastava, Co-Founder, IAN.
Edited by Aparajita Saxena