Jaipur-based online custom furniture platform WoodenStreet has raised $3 million in Series-A funding lead by IAN Fund and Rajasthan Venture Capital Funds (RVCF). The company plans to utilise the investment to expand its footprint, both domestically and globally.
Co-founded by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti in 2015, WoodenStreet was launched as an online platform providing furniture and home accessories. It has now evolved into an omnichannel network spanning across the country with over 25 experience stores, an online service and delivery centres in over 100 cities. Recently, the company ventured into technology-enabled furniture buying experiences by investing in Virtual Reality (VR) and 3D visualisation, which appeared to be a must-need strategy in the face Covid-19 pandemic.
“We are very excited about this new partnership with IAN Fund. Along with an unparalleled network and domain expertise, IAN Fund brings with it a new level of mentorship that we expect will guide us in working towards a better, larger perspective,” Lokendra Ranawat, CEO, WoodenStreet says.
Commenting on the investment, Saurabh Srivastava, co-founder, IAN says: “The innovation by WoodenStreet to create a tech-enabled furniture buying experience for customers is commendable. It is important for us to look at startup’s who can innovate to sustain in these challenging times. The transition of WoodenStreet is really impressive and we are confident that the team will continue to enhance its products and emerge as a leading player in the domain.”
Apart from IAN Fund, RVCF is an existing investor for WoodenStreet that had backed the company in 2018 with an investment of $1 million channelled into the first wave of nationwide expansion, culminating with over 20stores in India.
Currently, the company expects to close the year at Rs 100 crore in revenue. With the new investment, WoodenStreet expects to emerge as a leading global home décor brand, with over 50 experience stores across the globe and Rs 300 crore in revenue in the next two years.
The company also believes that such an investment is also a great initiative to give voice to local brands. With an increase in import duties, homegrown brands can utilise such investments in building themselves up and shape a better tomorrow under ‘Make in India’ umbrella, Ranawat asserts.