[Funding alert] WoodenStreet raises $30 mn in Series B round from WestBridge Capital

Jaipur-based WoodenStreet, an online furniture and home decor platform, has raised around $30 million in its series B funding round from WestBridge Capital in a mix of Primary and Secondary investments.

After this round, the valuation of the startup reached Rs 1200 crore.

The company plans to use the funds for new market expansion, further development of its technology platform, expansion of its supply chain and creation of a new range of offerings.

The Jaipur-based WoodenStreet was founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti, It offers complete home solutions including solid wood and modular furniture, kitchens and wardrobes, home decor, lighting and furnishings.

Along with its recent launch of office furniture solutions, WoodenStreet also operates six state-of-the-art manufacturing and R&D facilities spread across India.

The company claims to have over 50 experience stores across all major cities, catering to over 1.5 million customers in over 300 Indian cities.

The company also plans to open a total of 200 stores in the next two years and will include around 3,000 home décor brands under its platform.

“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”, said, Lokendra Singh Ranawat, Co-founder and CEO, WoodenStreet.

As per Dinesh Singh Rathore, CFO, WoodenStreet, the startup has grown 100 per cent annually in the last three years while maintaining profitability at a net level. The company also plans to achieve a turnover of Rs 600 crore in the next two years.

“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”, said, Sandeep Singhal, Co-founder of WestBridge Capital.

About WoodenStreet

WoodenStreet is an online furniture store offering custom and ready-made furniture directly to customers’ doorstep. Focusing on innovative multi-utility designs and affordable custom-made services, WoodenStreet has more than 8000+ products in-store and 50,000+ customers.