[Funding Alert] Furniture Platform WoodenStreet Bags $3 million In Series A RoundThe Jaipur-based company said it will be using the investment to expand both in domestic markets as well as globally.
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Wooden Street, an online custom furniture platform, has raised $3 million in Series A funding led by IAN fund. Rajasthan Venture Capital Funds (RVCF) also participated in the round.
The Jaipur-based company said it will be using the investment to expand both in domestic markets as well as globally.
Co-founded by Dinesh Pratap Singh, Lokendra Ranawat, Vikas Baheti, and Virendra Ranawat in 2015, the company offers an online platform to deliver furniture & home accessories. In the last five years, the company has grown into an omni-channel network, with presence across the country.
It is currently delivering in over 100 cities and has 25 experience stores where a customer can walk in and examine a product with their own hands.
The company has recently dived into technology-enabled furniture buying experiences which has meant spending in virtual reality (VR) and visualizations. The company believes that in a post-COVID world, VR and 3D visualizations will help customers to experience and visualize furniture without stepping outside of their homes.
About the partnership with IAN Fund, Ranawat said IAN will bring a new level of mentorship. "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", he explains.
Saurabh Srivastava, co-founder of IAN, said that innovation in a tech-enabled furniture buying experience is praiseworthy.
"It is important for us to look at start-ups 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 Srivastava.
Currently, the company is aiming to close the year with a revenue of INR 100 crore. With the fresh funds, the company is eyeing more than 50 experience stores across the globe and clock revenues to the tune of INR 300 crore in the next two years.
