WoodenStreet Raises USD 30M In Funding Round Led By WestBridge Capital

Sapna Bhardwaj
Sapna Bhardwaj Apr 27 2022 - 4 min read
WoodenStreet Raises USD 30M In Funding Round Led By WestBridge Capital
Furniture retailer WoodenStreet raises around USD 30M in a funding round led by WestBridge Capital at INR 1200 crore valuation.
Wooden Street is an online furniture platform that provides custom made and ready to order furniture. Jaipur based online furniture and home decor platform Woodenstreet.com has raised USD 30M in series-B round of funding led by WestBridge Capital at INR 1200 crore valuation in a mix of primary and secondary investment.
It is the largest funding raised by any vertical furniture player for the year 2022 in India. Previously WoodenStreet had closed Series A funding of USD 3M in 2020 from IAN and RVCF Rajasthan venture capital funds. As of now it has raised in total USD 18.4M. WoodenStreet launched as an online platform providing furniture and home accessories, and has now evolved into an omni-channel network, spanning across India, with over 25 experience stores, a robust online service and delivery centres in over 100 cities.
Founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti, Wooden Street has 50 plus experience stores in all major cities and claims to serve more than 15 lac customers in 300 plus cities in India.
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 making it an emerging leader in the online furniture and decor market. Its investor for Series A funding was Rajasthan Venture Capital Fund and IAN Fund.  WoodenStreet also operates 6 states of art manufacturing, R&D facilities spread across the country to meet their growing needs.
Lokendra Ranawat, Co founder and CEO said, “Our aim has always been to offer products that improve the aesthetics and comfort of Indian homes. We focus on design and innovation, enabling functional and designer items at an affordable price. We are happy to welcome WestBridge Capital, who shares our common vision of creating better products and awesome shopping experiences for Indian customers.”
Dinesh Singh Rathore, Co-founder and CFO Dinesh Singh said, “WoodenStreet has grown 100% yoy from the past three years while maintaining profitability at net level, and we plan to achieve a turnover of INR 600 cr in next two years with this fund.”
Co-founders Virendra Ranawat and Vikas Baheti said that Woodenstreet has established itself as a preferred brand for Indian furniture consumers, and the focus will be on expansion into new categories like office and modular furniture. WoodenStreet plans to open a total of 200 stores over the next 2 years, and plan to onboard close to 3000 home décor brands under its platform.
The latest capital infusion will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain, and creation of new category offerings.
Sandeep Singhal, co-founder of WestBridge Capital said, "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.”
An experienced investment firm WestBridge manages over USD 7 billion of capital across funds in India and Mauritius that focus on investments in India. WestBridge Capital is a private equity firm that invests between GBP 10M and GBP 20M in SMEs. The company leverages both its capital and experience to help companies succeed. It seeks to partner with some of India’s most promising mid-sized companies run by outstanding entrepreneurs and management teams for the long-term, whether they are public or private. Over the course of their careers, the team has led investments in over 130 companies.  Armed with this wealth of experience, the team is able to assist its portfolio companies when required in many areas including strategy, operations, management recruiting and fundraising.
Headquartered in London, United Kingdom WestBridge Capital has acquired 17 organisations. Their most recent acquisition was Smart Capital Technology on Mar 16, 2022. They acquired Smart Capital Technology for GBP. Raised a total of USD 1.1 B across 3 funds, their latest being WestBridge II. This fund was announced on Jun 5, 2019 and raised a total of GBP 140 M. WestBridge Capital has made 43 investments as of date. Investment in WoodenStreet is their most recent investment.
WestBridge Capital made 2 diversity investments. Their most recent diversity investment was on Oct 12, 2021, when SupportLogic raised USD 50M.WestBridge Capital has had 19 exits. The private equity firm's most notable exits include IndiaMART, Indigo, and Aptus Value Housing Finance India. With a total number of 17 acquisitions, its most recent acquisition was Smart Capital Technology on Mar 16, 2022. They acquired Smart Capital Technology for GBP 17M.
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