Jaipur-based online custom furniture platform WoodenStreet has raised $3 million in Series A funding from IAN Fund and existing investor Rajasthan Venture Capital Funds (RVCF).
The five-year old startup plans to use the capital to increase its footprint in India and globally, and aims to open its experience stores across US and Europe.
Started in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, WoodenStreet is an online platform providing furniture and home accessories, with over 25 experience stores across the country, with online service and delivery centres in over 100 cities.
Along with home furnishings, the company helps provide interior designing services for complete home interior solutions.
“…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”, states Lokendra Ranawat, CEO of WoodenStreet.
Recently, the company ventured into technology-enabled furniture buying experiences, investing in virtual reality and 3D visualization.
RVCF had pumped $1 million into the startup in 2018, and the fund was used for expansion.
“It is important for us to look at startups 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,” said Saurabh Srivastava, co-founder, Indian Angel Network.
WoodenStreet is targeting a revenue of ₹100 crore by the end of FY21.
With the new investment, WoodenStreet plans to expand its network to more than 50 experience stores across the globe and garner revenues to the tune of ₹300 crore in the next two years.
