Jaipur-based omni-channel furniture platform WoodenStreet has raised $43 million (Rs 354 crore) in its Series C round of funding from PremjiInvest, the family office of Wipro founder chairman Azim Premji.
The company will use the fresh capital mainly for offline expansion and open new stores in tier-1 and tier-2 cities. It also aims to expand its manufacturing capabilities, diversify its product portfolio, and strengthen its supply chain.
The transaction is likely to have valued the company at nearly Rs 1,600 crore.
“The funding... enables us to expand our reach, enhance customer experiences, and set new benchmarks in quality and innovation,” said Lokendra Ranawat, co-founder at WoodenStreet.
The startup, operated by WoodenStreet Furnitures Pvt. Ltd, was co-founded by Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti in May 2015. The company currently runs more than 100 stores, 20 warehouses and manufacturing facilities across the country. It sells home and office furniture, home décor, lighting, and furnishings.
“With a vertically integrated supply chain, in-house manufacturing in India, and exclusive experience stores, Wooden Street has proven its ability to deliver beautifully crafted designs, exceptional quality, and competitive pricing," said Kaveesh Chawla, partner at PremjiInvest.
The deal comes two-and-a-half years after WoodenStreet raised $30 million from WestBridge Capital in April 2022. The transaction valued the company at around Rs 1,200 crore. The firm also counts Indian Angel Network and Rajasthan Venture Capital Fund among its early backers.
The broader furniture and home decor space has recorded only a handful of transactions in the recent past. In September, HomeLane parent Homevista Decor and Furnishings said it was acquiring its rival DesignCafe. Pepperfry, Reliance Industries-owned UrbanLadder and Wakefit are the other companies in the segment.