An interesting online furniture startup announced a funding of USD 30 million
Let us talk about the online furniture industry. It is like a web-based project that allows users to check for different types of furniture at the online store and purchase furniture online. There are several stores selling furniture, online, in our country. Some of these stores are Pepperfry, Urban Ladder, Wooden Street, Rise Only, Snapdeal, Fabfurnish.com, and many others.
Let us talk about the funding of an online furniture startup that has taken place recently.
Announcement of funding of an online furniture startup
The online furniture startup, WoodenStreet has raised funds worth USD 30 million, which when talked about in terms of INR is equal to INR 230 crore, as notified and published on April 28, 2022. This round of funding that has taken place was the Series B round of funding and was led by WestBridge Capital. This round of funding is a mixture of primary and secondary investment. The value of the online furniture startup after this round of funding has come up to INR 1200 crore. Post this round of funding, the online furniture startup is expecting a turnover of INR 600 crore in the coming two years.
The online furniture startup plans to use the funds raised for the expansion and spread into the new market. The furniture startup also has made plans to use some chunk of the funds raised more the development of its technology platform, enlarging its chain of supply, and the creation of its new category offerings. The online furniture startup before this round of funding had raised USD 3 million in the year 2020. That round of funding was the Series A round of funding and was led by IAN and Rajasthan Venture Capital Funds (RVCF).
About the online furniture startup that has announced its funding
The online furniture startup, WoodenStreet was founded in the year 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti, and has its headquarters in Jaipur, Rajasthan. Lokendra Singh Ranawat is the CEO of the startup. The online furniture startup is synonymous with well-made furniture that brings alive the aesthetics of the home, giving it an elegant look and a luxurious feel. The aim of the online furniture startup is to make a difference in the way people shop for their furniture and home decor needs.
The online furniture startup is of a belief that choosing furniture should be easy to purchase and pleasant and satisfying in terms of looks and this approach helps them stay unique in the industry. It provides complete home solutions, including solid wood and modular furniture, kitchen and wardrobe, home decor, lighting, and furnishings. The online furniture startup has more than 50 experience stores across India where customers can feel its premium range of quality products in person.
The stores are present in cities like New Delhi, Jaipur, Chandigarh, Indore, Kolkata, Ranchi, Chennai, Kochi, Hyderabad, Lucknow, Udaipur, Mumbai, Delhi NCR, Nagpur, and many others. The online furniture startup has made plans to have a total of 200 stores in the next two years. It has a scheme of actions to onboard around 3000 home decor brands under its platform.
The online furniture startup has more than 5 lakh customers who are happy and contented with the services, has more than 300 delivery centers across India, and has more than 30k furniture and furnishing products.
About WestBridge Capital
WestBridge Capital is an investment firm with a great and valuable experience, which is responsible for the management of more than USD 5.6 billion of capital, and focuses primarily on making investments in companies having headquarters in or with significant nexus to India or South Asia, or are led by Indian Entrepreneurs or with having business linkages to India, for the long term, irrespective of they being public or private.
WestBridge Capital provides both its capital and experience to help companies succeed. A typical investment ranges from USD 25 million to USD 200 million, often resulting in important ownership of equity which is a minority in status, second only to the founder in many cases.
It has a deep and rich history of investing in India over the past twenty years. WestBridge Capital has over the last two decades identified and invested in many high-quality businesses in India across public as well as private domains and has been a support in developing deep expertise and broad networks in the business market of the country. It is filled with a wealth of experience, the team is able to assist its portfolio companies when helpful in many areas including strategy, operations, management recruiting, and fundraising.
The team of WestBridge has a long-standing track record of leading investments and the team has also served on the boards of many of these companies and has actively participated in deciding and creating the strategic direction of these businesses.
WestBridge Capital in the last two decades has provided its advice to different and many funds and has made investments of more than USD 5.6 billion in more than 120 companies. The portfolio of WestBridge Capital consists of companies like AppLabs, Aptus, Britannia, CEAT, CIBIL, DHFL, IndiGo, ISFC, K12, Kajaria, Quick Heal, TVs, VMart, YES Bank, Vistaar, Supreme, Times Internet, Shaadi.com, Rapido, Naukri.com, and many others.
What has been said about this trade?
Sandeep Singhal, who is the co-founder of WestBridge Capital has made a statement saying that they are impressed to see the ability of the online furniture startup to scale capital efficiently in a strategic customer category. He further said that the focus of the founders is on the happiness of its customers, which excites WestBridge the most. He then said that they are looking forward to a very long and wholesome association with them.
Lokendra Singh Ranawat, who is the co-founder and the CEO of the online furniture startup, WoodenStreet made a comment saying the aim of the startup has always been to offer products that help in improving the aesthetics and comfort of Indian homes. He then said that the focus of the startup has always been innovation and design, and making sure that functional and designer items are available at an affordable cost. He then greeted WestBridge Capital saying that they both share a common vision of creating better products for the customers of the country.
The online furniture startup has something different to provide. We wish the startup a bit of good luck and hope it has a beautiful and prosperous future ahead!