WoodenStreet raises Rs 21 cr in Series-A funding
New Delhi: Jaipur-based WoodenStreet, a startup offering custom furniture, has raised Rs 21 crore in Series-A funding. The funding round was lead by IAN Fund and Rajasthan Venture Capital Funds (RVCF) also the part.
The firm will use the money for expansion both domestically and internationally. It has 25 physical ‘Experience Stores’ and also has major operations online.
Apart from IAN Fund, RVCF is also an existing investor. Both the entities backed the startup in 2018 with an investment of Rs 6-7 crore.
“Along with an unparalleled network and domain expertise, IAN Fund brings with it a new level of mentorship that we expect will guide us in working towards a better, larger perspective”, said Lokendra Ranawat, CEO of WoodenStreet in a statement.
USD 1 Million which was channeled into the first wave of nationwide expansion, culminating with 20+ stores within India.
The company was started by Dinesh Pratap Singh, Lokendra Ranawat and Vikas Baheti in 2015. Apart from furniture, it also has home accessories.
WoodenStreet is aiming at achieving revenues of Rs 100 crore this fiscal. It also aims to establish 50 Experience Stores in India and abroad and clock revenues of Rs 300 crore in the coming two years.