19 July 2018, India:
Online furniture platform Woodenstreet has raised $1 million (about ₹6.8 crore) in Series A round of funding. The funding round was led by Rajasthan Venture Capital Fund (RVCF).
The company will use the fresh capital to expand into new business verticals such as interior design services. The company will also use the funds to open stores at other major serviceable cities. Currently, the company has stores in Bengaluru, Mumbai and Jaipur.
Lokendra Ranawat, Co-founder, Woodenstreet said, “Due to widespread diversity, every single home is different, which is why we believe custom-made and space-saving furniture was just not a trend but the future. We wanted every customer to own furniture of their choice in the most compact manner.”
Wooden Street was founded by Lokendra Ranawat, Dinesh Pratap Singh and Virendra Ranawat in May 2015. The company is operated by The Woodenstreet Furnitures Pvt. Ltd. It was stated with the initial capital of ₹5 lakhs. The company claims that they touched annual sales revenue of Rs 20 crore in November 2017.
The company leverages modern technology like 3D modeling and 3D scanning to offer furniture. The company has a team of over 200 members based in Udaipur that delivers across 30 major cities in the country.
(Image – Wooden Street)
