Online furniture and home decore platform WoodenStreet on Wednesday said it has raised $30 million (nearly Rs 230 crore) led by WestBridge Capital at Rs 1,200 crore valuation. So far, it is the largest funding raised by any vertical furniture player for the year in India, said the startup that has over 50 experience stores in major cities and claims to serve more than 15 lakh customers.
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, WoodenStreet had previously closed series A funding of $3 million from IAN and RVCF (Rajasthan venture capital funds).
“We focus on design and innovation, enabling functional and designer items at affordable price,” said Ranawat, co-founder and CEO.
The Jaipur-based startup plans to open 200 stores in the next two years, and onboard close to 3,000 home decor brands.
WoodenStreet also operates six manufacturing and R&D facilities.
“WoodenStreet has grown 100 per cent (on-year) in the past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in the next two years with this fund raise,” said Rathore.
The latest capital will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain and creation of new category offering, according to the startup.
“We are impressed by WoodenStreet’s ability to scale capital efficiently in a strategic consumer category,” said Sandeep Singhal, co-founder of WestBridge Capital.