Jaipur-based online furniture platform WoodenStreet has raised Series B funding of $30 million (Rs 229 crore) from homegrown private equity fund WestBridge Capital.
The company will use the fresh funds for geographical expansion, upgrading its technology platform, expansion of supply chain and to roll out new category offerings.
The transaction has valued the company, which also counts Indian Angel Network (IAN) and Rajasthan Venture Capital Fund (RVCF), at Rs 1,200 crore ($156 million).
“We focus on design and innovation, enabling functional and designer items at affordable price. We are happy to welcome WestBridge Capital, who shares our common vision of creating better products and awesome shopping experience for Indian customers,” said Lokendra Ranawat, CEO and Co-Founder of the company.
WoodenStreet, operated by Woodenstreet Furnitures Pvt. Ltd, was co-founded by Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti in May 2015.
The startup offers complete home solutions including solidwood and modular furniture, kitchen and wardrobe, home décor, lighting, furnishings and recently also launched office furniture solutions.
Woodenstreet competes with the likes of HomeLane, Wakefit and Livspace in broader home furnishing and interior solutions space. HomeLane and Wakefit are even mulling on a strategic merger.
Global private equity (PE) firm TPG-backed online home décor startup Livspace also joined the coveted unicorn club in February this year following a $180 million raise as a part of its Series F funding round led by KKR & Co.
Currently, Wooden Street has over 50 experience stores in all major cities and claims to serve more than 15 lakh customers in over 300 Indian cities.
The startup plans to launch a total of 200 stores over the next 2 years and aims to onboard close to 3,000 home decor brands under its platform.
The firm had in June 2020 secured $3 million in funding led by IAN Fund, the eponymous debut fund of the Indian Angel Network (IAN).
"We are impressed by WoodenStreet’s ability to scale capital efficiently in a strategic consumer category. The founders focus on customer delight is what excites us and we look forward to a very long partnership with them.” said Sandeep Singhal, Co-Founder of WestBridge Capital.
Westbridge Capital manages an AUM of $7 billion across funds in India and Mauritius that focus on investments in India. It is said to have invested in more than 130 companies.
On Tuesday, the investor put $22 million in IntelliHealth Solutions Pvt. Ltd which operates Truemeds.
On April 6, the company backed flexible workspace provider IndiQube in a $30 million Series B fund raising.
