Wooden Street Secures $30 Mn To Add New Category Offerings

SUMMARY

Wooden Street informed that one of the existing investors has made a partial exit in the Series B round

Wooden Street aims to open 200 stores in the next two years and further, onboard nearly 3000 home decor brands on its platform

In the online furniture market, Wooden Street is competing with the likes of Urbanladder, Furlenco, Arrivae, Green Soul, and pepperfry, among others

Jaipur-based D2C furniture startup Wooden Street has raised around $30 Mn in its Series B funding round in a mix of primary and secondary investments. The round was led by Westbridge Capital.

The fresh capital will be deployed to expand its market and supply chain, develop its tech platform and create new category offerings.

The startup informed that one of its existing investors has made a partial exit in the Series B round. Also, the current round will be extended and subsequent funding rounds can be seen in the coming time.

Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, Wooden Street offers an array of furniture and home decor products including solid wood and modular furniture, kitchen and wardrobe, home décor, lighting, furnishings, and office furniture.

Wooden Street claims to have more than 50 experience stores and has served more than 15 Lakh customers in over 300 cities in India. It further asserts that it has more than 30K furniture and furnishing products and currently operates six manufacturing and R&D facilities in the country.

The startup plans to enter into new categories such as office and modular furniture. It aims to open 200 stores in the next two years and further, onboard nearly 3000 home decor brands on its platform.

According to the startup, its business has grown 100% year-on-year (YoY) for the past three years. It aims to achieve a turnover of INR 600 Cr in the coming two years with the current fundraising.

In 2020, it raised $3 Mn in the extended Series A funding round from Indian Angel Network (IAN) fund and Rajasthan Venture Capital Funds (RVCF) to expand footprint in India and abroad. Prior to this, it also raised about $1 Mn in Series A funding round from RVCF in 2018.

In the online furniture market, it is competing with the likes of Urbanladder, Furlenco, Arrivae, Green Soul, and pepperfry, among others.

How’s The Indian Online Furniture Market Is Growing

According to a report, the Indian furniture market stands at $16 Bn in size, with 15% organised and growing at a CAGR of nearly 15-17%. Of this, the online furniture market has been growing at a CAGR of around 80-85%, driven by the ease of comparing products and the low prices offered.

In February 2022, Mumbai-based furniture manufacturer and home improvement startup, Arrivae closed its Series B funding round with INR 75 Cr investment from Think Investments and Havells Group. The round saw participation from current investors and Emerge Capital.

In November 2021, IPO-bound online furniture marketplace pepperfry raised nearly $40 Mn in a debt funding round from Norwest Venture, General Electric Pension Trust, along with 45 family businesses and trusts.

Strategic HR consultant Hema Ravichandar and V Ravichandar, along with Chhaya Assets, Burjorjee Family Trust, are among the few investors who invested around INR 7.5 Cr in the company.

In August 2021, furniture rental startup Furlenco raised $15 Mn from TradeCred. Previously, it raised $140 Mn in its Series D round which was a mix of venture debt with a minor equity portion. The round was led by Zinnia Global Fund, CE-Ventures and Lightbox Ventures.