on Wednesday he said he raised a Series B round worth $30 million directed by West Bridge Capital. With a mix of primary and secondary investments, the online furniture and home décor startup’s valuation reached 1.2 billion rupees valuation.
The startup will use the capital for expansion of new markets, 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) early 2020.
Sandeep Singhal, Co-Founder of WestBridge Capital, said, “We’re impressed by WoodenStreet’s ability to efficiently scale capital in a strategic category of consumers. The founders’ focus on customer satisfaction is what excites us, and we look forward to it.” a very long association with them.”
Speaking of development, Lokendra Ranawat, Co-Founder and CEO of WoodenStreet, saying,
“Our goal has always been to offer products that enhance the aesthetics and comfort of Indian homes. We focus on design and innovation, making functional and designer items possible at affordable prices. We are pleased to welcome WestBridge Capital who share our common vision of creating better products for Indian clients.”
Founded in 2015 for Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore Y Vikas BahetiWoodenStreet claims to have more than 50 experience stores in major cities, serving more than 15 lakh customers in more than 300 Indian cities.
The Jaipur start-up 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 R&D and manufacturing facilities spread across India.
According to CFO Dinesh Singh Rathore, the startup has grown 100 percent annually for the last three years while maintaining profitability at the net level. It also plans to achieve a turnover of Rs 600 crore in the next two years.
Going forward, it plans to open a total of 200 stores in the next two years and incorporate nearly 3,000 home decor brands under its platform.