Jaipur, India-based custom furniture startup Wooden Street on Tuesday (June 2) raised $3 million in a Series A funding round from the Indian Angel Network (IAN) Fund and existing investor Rajasthan Venture Capital Funds (RVCF).
The company in a statement said that the fresh funds will be deployed towards expanding the company’s footprint across India and globally and expects to close the year at a revenue of INR 100 crore (around $1,32,00,000). The company is also aiming to increase its revenues to INR 300 crore (around $397,00,000) in the next two years.
The company operates online and also has around 25 physical stores across India and recently has tapped into technology-enabled furniture buying experiences by leveraging 3D visualisation, and virtual reality.
Commenting on the investment round, Lokendra Ranawat, co-founder & CEO of Wooden Street in a statement said,
“IAN Fund brings with it mentorship that we expect will guide us in working towards a better, larger perspective.”
Saurabh Srivastava, co-founder of IAN said,
“The innovation by WoodenStreet to create a tech enabled furniture buying experience for customers is commendable. It is important for us to look at startup’s who can innovate to sustain in these challenging times.”
Wooden Street was founded by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti in 2015 as an online platform for providing furniture and home accessories. The company last raised $1 million from RVCF in 2018 that help it open 20 physical stores across the country.