Start-up WoodenStreet has recently been making waves in the furniture and home décor space as they have no successfully received an investment of $ 30 million USD in a round that was run by WestBridge Capital on April the 27th, Wednesday.
The investment took place with the company valued at Rs. 1200 crores.
This is the largest investment a vertical furniture company has received this year in the country. A vertical company refers to a business model that is niche where their target group is already identified and set. Currently, vertical business models have been popping recently as they can be set up as an e-commerce firm which reduces the price of overheads and their landing costs.
The company has said that they have set up over fifty experience retail stores across the nation and that they have on average around 15 lakh customers every month, which is quite good for a start-up.
An experience retail store refers to any physical store where the salespeople and retailers offer services beyond the traditional ones offered in regular stores. This allows the potential customers to truly immerse themselves in the product they are looking to purchase.
The company was created 7 years ago, back in 2015, by four budding entrepreneurs. This is not the first investments they have secured as a while back; they successfully earned an injection of funds of $3 million USD.
The company’s main core is to be able to sell affordable pieces of furniture while at same time be the front runners of innovation, unique design without compromising on functionality.
The company which was founded based in Jaipur, Rajasthan is looking to expand their operations into the real world by opening in around two hundred locations within the end of 2024. They are even looking to forge partnerships with at least 3,000 different home décor companies.
The company also runs several manufacturing plants, and research & development units across the nation.
Even with the coronavirus pandemic, the lockdowns the followed, the Russian invasion of Ukraine and the constantly rising oil prices, the company has still managed to report a growth of 100% consistently over the past 3 years! This is a great achievement for any company, especially a start-up. The company is looking to generate a revenue of at least Rs.600 crores over the span of the next two fiscal years now that they have secured such a large investment.
