As one of the biggest fundraising events in the home and furniture industry in recent years, Wooden Street, India’s top furniture and home décor business, announced a Series C round of INR 354 crores (about $43 million) by international investment firm Premji Invest.
In the Indian furniture industry, Wooden Street, which was founded in 2015 by Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti, has become a household name.
The business has more than 100 experiential stores, 20 warehouses, and a manufacturing plant that is 15 lakh square feet in size, and it operates smoothly through both online and offline channels.
The CEO and co-founder of Wooden Street, Lokendra Ranawat, commented on the most recent fundraising, saying: “The entire Wooden Street team’s hard work and dedication have resulted in this funding.” It shows how much our investors and customers trusted us. We are prepared to advance our goal of revolutionizing the way that furniture is experienced in India with the help of Premji Invest, fusing innovation and tradition at every turn.
Rapid urbanization, growing disposable incomes, and a move toward organized shopping have all contributed to the recent boom in demand for furniture and home décor in India.
“Stylish, high-quality furniture and home goods at reasonable costs are becoming more and more popular among Indian shoppers. Wooden Street has demonstrated its capacity to provide exquisitely designed designs, outstanding quality, and affordable prices through its special experience boutiques, in-house manufacturing in India, and vertically integrated supply chain. As Wooden Street continues to amaze clients with high-end, made-in-India furniture, we are thrilled to work with them,” stated Kaveesh Chawla, Partner at Premji Invest.
Premji Invest has a track record of making profitable investments in high-growth businesses with bright futures in a range of industries. In addition to financial support, Wooden Street will receive strategic insights from Premji Invest to aid in the expansion of its business.
Regarding the use of funds, Wooden Street co-founder Dinesh Pratap Singh stated, “We intend to use funding to fuel aggressive business expansion.” In the upcoming years, the business plans to expand its retail footprint by adding new locations in tier-1 and tier-2 cities, strengthening its omni-channel presence. Additionally, Wooden Street wants to improve its supply chain, diversify its product line, and increase its manufacturing capacity.
The investment marks a turning point in Wooden Street’s development, allowing the business to expand more quickly while adhering to its goal of revolutionizing the Indian home furnishings market.
Leading investors supported the business in prior years, and it has raised about $35 million to far.
The success of Wooden Street, which was founded in 2015, is a ray of optimism. The Series C funding indicates a wider shift in investor interest toward the home vertical in addition to validating its business plan. With a strong plan in place, Wooden Street is poised to become a leader in India’s expanding furniture sector and redefine industry standards.
