WoodenStreet, a Jaipur-based online furniture platform, has raised a sum of $3 million from a Series A round led by the IAN Fund and Rajasthan Venture Capital Funds (RVCF), their existing investor.
The startup, all of five years of age, aims to implement the capital obtained to increase its presence in India as well as create an international footprint by establishing stores across the US and Europe.
The company was co-founded by Lokendra Ranawat, Dinesh Pratap Singh, Vikas Baheti and Virendra Ranawat back in 2015. It is an online platform which provides furniture and other home-based accessories, with over 25 exclusive retailers across the country and delivery centres across 100 cities. The company also provides interior designing solutions and consultancy.
Back in 2018, the company injected $1 million for the implementation of country-wide expansion plans. The company invested in technology-enabled furniture buying experience by implementing virtual reality quite recently. The company hopes that it will be more efficient under the tutelage of IAN Funds.
WoodenStreet has gained the respect of many investors across the country, and it is speculated that with the current progress, the company will continue to enhance its products and emerge as a key player in this domain- which has high growth prospects in the coming years. It is aiming for a revenue of INR 100 Crore by the end of the current financial year (2020-21).
With the fresh introduction of funds, the company plans to expand its network to 50 more retailers (experience stores) across the globe and earn INR 300 Crore as turnover over the next two years.