Wooden Street, India’s leading home furniture brand, recently gave a successful exit from one of its existing investors. The Indian Angel Network (IAN), which invested in the year 2020, reported an impressive 12x return on its investment with Wooden Street.
The exit marks a significant milestone for the company, which has grown steadily since its inception, expanding its product portfolio, strengthening its omnichannel presence, and improving its services to provide customers with the best quality and designer furniture.
“It’s commendable how Wooden Street has grown significantly over time. What started as a humble start-up has now carved a niche in the home furniture and decor market. The team has continued to build a profitable business, with a sharp eye on cash flows and achieved economies of scale.
Wooden Street is bringing a change through its offerings of premium quality, luxury, and affordable furniture. The company is expanding aggressively and has a robust Pan-India presence. We are confident it will achieve its zenith in the coming times, and our best wishes will always be with the team,” said Padmaja Ruparel, Co-Founder of IAN.
Commenting on the exit, Lokendra Ranawat, CEO & Co-Founder of Wooden Street, said, “We are thrilled to see our investors achieve such a significant return on their investment from us. We are filled with gratitude for IAN for their endless support in our journey. Through their leadership and assistance, we have been able to scale and achieve our goals. The successful exit is also a testament to the hard work and dedication of our team. On expansion terms, we have recently expanded to 100 experience stores across the country, and to state further, we intend to open 300 stores in the next two years,” Earlier in 2022, Venture capital investor RVCF also made an exit with a multi-bagger return of 23x its investment with Wooden Street.
According to the transaction details, against its investment of INR 3 crore made in 2018, RVCF realized INR 70.7 crore. RVCF (Rajasthan Venture Capital Fund) was the first venture capital investor to provide seed capital to Wooden Street.
The successful exits are significant milestones for WoodenStreet, and the company is now well-positioned to continue its growth trajectory. Founded in 2015, WoodenStreet has an extensive collection of 30K+ home furniture and decor items in its catalog. The company has recently expanded to 100+ experience stores across the country and making headway; it plans to open a total of 300 stores in the next 36 months.
The company in April last year raised $30 million in Series B funding, led by West Bridge Capital, and following that, in October, it also announced the investment of $20 million (around Rs 200 crore) to fuel its growth across the country.