Jaipur-based online furniture platform WoodenStreet has raised $3 million (Rs 22.5 crore) in funding led by IAN Fund, the eponymous debut fund of the Indian Angel Network (IAN).
Existing investor Rajasthan Venture Capital Fund (RVCF) also participated in this round, WoodenStreet said in a statement. The company plans to use the funds to increase its footprint, both domestically and globally.
“The transition of WoodenStreet is impressive and we are confident that the team will continue to enhance its products and emerge as a leading player in the domain,” Saurabh Srivastava, co-founder at IAN, said.
Lokendra Ranawat, who is also the CEO at the firm, is an MBA from the Institute of Management Technology, Ghaziabad. Baheti worked with US-based computer maker Dell before founding WoodenStreet. Virendra Ranawat has a diploma in management from XLRI, Jamshedpur. Singh is an alumnus of the Indian Institute of Management, Kozhikode.
The startup sells custom-made wood furniture at various price points. It lets customers to either select products from an existing catalogue of pre-made designs, requesting modifications as per their requirements, or directly interact with designers.
The company offers customisation on the different type of wood used, wood finishes, fabric types and colours.
Currently, it operates 25 experience stores in India and seeks to add another 25 stores in a span of the next two years. The company, which has delivery centres in over 100 cities, claims to be closing the year at a revenue of Rs 100 crore.
WoodenStreet operates in a segment that has heavily funded furniture e-tailers Pepperfry and UrbanLadder, and horizontal e-commerce companies Amazon and Flipkart.
In November last year, Bengaluru-based omnichannel furniture retailer Urban Ladder had secured Rs 15 crore ($2.1 million) as fresh capital from SAIF Partners, Sequoia Capital and Steadview Capital.
Mumbai-headquartered TrendSutra Platform Services Pvt. Ltd, which runs Pepperfry, raised Rs 250 crore in a fresh round of funding from asset management company State Street Global Advisors in March 2018.