Online furniture and home decor platform WoodenStreet on Wednesday announced that it raised around USD 30 million (Rs 230 crore) in the latest funding round led by WestBridge Capital.
The investment was done at a valuation of Rs 1,200 crore and it was a mix of primary and secondary investment, WoodenStreet said in a statement. “So far, it is the largest funding raised by any vertical furniture player for the year 2022 in India,” the Jaipur-based startup said.
The fresh fund will be used for new market expansion, further development of the technology platform, expansion of supply chain and creation of new category offerings, it added.
With this fundraise, WoodenStreet plans to achieve a turnover of Rs 600 crore in the next two years.
In 2020, WoodenStreet had closed the series-A funding of USD 3 million from IAN and RVCF (Rajasthan Venture Capital Funds). Founded in 2015, WoodenStreet has 50-plus experience stores in all major cities, and it claims to serve more than 15 lakh customers in 300-plus cities in the country.WoodenStreet also operates six manufacturing and research & development facilities spread across the country. It offers home solutions, including solid wood and modular furniture, kitchen and wardrobe, home décor, lighting and furnishings.