Jaipur-based online custom furniture platform WoodenStreet has raised $3 million in Series A funding from IAN Fund and existing investor Rajasthan Venture Capital Funds (RVCF).
The company plans to utilize this investment in increasing its footprint, both domestically and globally. WoodenStreet operates 25 stores in India and has an online presence too.
Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, WoodenStreet launched as an online platform providing furniture and home accessories, and has since evolved into an omnichannel network spanning across India.
In a statement, CEO of WoodenStreet, Ranawat said, “IAN Fund brings with it mentorship that we expect will guide us in working towards a better, larger perspective.”
Commenting on the investment, Saurabh Srivastava, Co-Founder, IAN, “The innovation by WoodenStreet to create a tech enabled furniture buying experience for customers is commendable. It is important for us to look at startup’s who can innovate to sustain in these challenging times.”
RVCF had earlier invested $1 million into the company in 2018, which was channeled into the first wave of expansion, culminating with 20 stores within India.
Currently, the company expects to close the year at a revenue of Rs 100 crore. With the new investment, WoodenStreet aims to increase its revenues to Rs 300 crore in the next two years.