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Friday, December 2, 2022

WoodenStreet gets Rs.230cr to further develop its tech platform

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WoodenStreet has secured almost  Rs 230 crore in a funding round led by WestBridge Capital. Among other things, the home decore startup will use the money to further develop its technology platform.

WoodenStreet, an online furniture and home décor platform, announced on Wednesday that it has raised $30 million (almost Rs 230 crore) in funding led by WestBridge Capital at a valuation of Rs 1,200 crore.

According to the business, which has over 50 experiential stores in key cities and claims to service more than 15 lakh clients, this is the largest capital raised by any vertical furniture player in India this year.

WoodenStreet, founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti, previously raised $3 million in series A funding from IAN and RVCF (Rajasthan venture capital funds).

Co-founder and CEO,  Ranawat, said, “We focus on design and innovation, allowing practical and designer things at a reasonable price.”

The Jaipur-based business intends to develop 200 outlets over the next two years and to work with almost 3,000 home design manufacturers.

WoodenStreet also has six production and research and development centers.

WoodenStreet will use the fresh money to fund new market expansion, additional development of the technological platform, supply chain expansion, and the creation of new category offerings.

WestBridge Capital co-founder Sandeep Singhal, said, “We are impressed by WoodenStreet’s ability to efficiently scale capital in a crucial consumer market.”

Rathore added, “WoodenStreet has increased 100% year on year in the last three years while retaining net profitability. With this fund raising, we intend to attain a turnover of Rs 600 crore in the next two years.”

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