[Funding alert] Jaipur startup WoodenStreet raises $30M in Series B led by WestBridge Capital
on Wednesday said it raised a Series B round worth $30 million led by WestBridge Capital. With a mix of primary and secondary investment, the online furniture and home decor startup's valuation reached Rs 1200 crore valuation.
The startup will use the capital for new market expansion, further development of its technology platform, expansion of its supply chain, and creation of new category offerings.
The Jaipur-based company had closed a Series A round worth $3 million from IAN and Rajasthan Venture Capital Funds (RVCF) earlier in 2020.
Sandeep Singhal, Co-founder of WestBridge Capital, 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.”
Speaking on the development, Lokendra Ranawat, Co-founder and CEO, WoodenStreet, said,
“Our aim has always been to offer products that improve the aesthetics and comfort of Indian homes. We focus on design and innovation, enabling functional and designer items at affordable prices. We are happy to welcome WestBridge Capital, which shares our common vision of creating better products for Indian customers.”
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, WoodenStreet claims to have over 50 experience stores in all major cities, catering to more than 15 lakh customers in 300-plus Indian cities.
The Jaipur startup offers complete home solutions, including solid wood and modular furniture, kitchen and wardrobe, home décor, lighting, and furnishings.
With its recent launch of office furniture solutions, WoodenStreet also operates six state-of-the-art manufacturing and R&D facilities spread across India.
According to CFO Dinesh Singh Rathore, the startup has grown 100 percent annually in the past three years while maintaining profitability at the net level. It also plans to achieve a Rs 600 crore turnover in the next two years.
Going forward, it plans to open a total of 200 stores over the next two years and onboard close to 3,000 home décor brands under its platform.