Jaipur-based online custom furniture platform WoodenStreet has raised USD 3 Million in Series-A funding lead by IAN Fund and Rajasthan Venture Capital Funds (RVCF). The company plans to utilize this investment in increasing its footprint, both domestically and globally. WoodenStreet operates 25 Experience stores in India and is a leading player in the Online Furniture market.
“We are very excited about this new partnership with IAN Fund”, states LokendraRanawat, CEO of WoodenStreet.“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”, he explains.
Co-founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, WoodenStreet launched as an online platform providing Furniture & Home accessories and has now evolved into an omnichannel network spanning across India with over 25 Experience Stores, robust online service and delivery centres in over 100 cities.
Recently, the company ventured into technology-enabled furniture buying experiences, investing in Virtual Reality and 3D visualization, much needed in the Post-COVID era.
Commenting on the investment, Saurabh Srivastava, Co-Founder, IAN, “The innovation by WoodenStreet to create a tech-enabled furniture buying experience for customers is commendable. We need to look at startup’s who can innovate to sustain in these challenging times. 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.”
Apart from IAN Fund, RVCF is an existing investor for WoodenStreet, having backed the company in 2018 with an investment of USD 1 Million which was channeled into the first wave of nationwide expansion, culminating with 20+ stores within India.
Currently, the company expects to close the year at a revenue of INR 100 Crore. With the new investment, WoodenStreet expects to emerge as a leading global Home Décor brand, with 50+ Experience Stores across the globe and revenues in the tune of INR 300 crore in the next two years.
The company also believes that such an investment is also a great initiative to give voice to local brands. With an increase in import duties, home-grown brands can utilize such investments in building themselves up and shape a better tomorrow under the ‘Make in India’ umbrella.
Indian Angel Network is India’s first and world’s largest business angel network with close to 500 members across the world, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 11 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK.
The network is sector agnostic and has funded start-ups across 17 sectors in India and 7 other countries growing global footprint companies. With an excellent track record, IAN has been giving excellent cash exits year-on-year to its investor-members. Some of its marquee investee companies include WebEngage, Druva, Box8, Sapience Analytics, WOW Momos, Consure amongst many others.
The IAN Fund, an INR 375 crore fund, is a uniquely differentiated seed/early stage Fund which aims to transform India’s entrepreneurial landscape. The fund invests in innovative companies in sectors including healthcare and medical devices, VR, AI, software as a service, marketplaces, fin-tech, big data, artificial intelligence, agritech, and hardware. The Fund leverages and builds upon the strengths and success of IAN, the world’s largest angel investor group, to breed and grow innovative companies.
The fund has Institutional investors like SIDBI’s Fund of Funds for Startups, IIFL, Wadhwani Foundation, Yes Bank, Max Group, Gray Matters Capital, Hyundai along with marquee individuals like Kris Gopalakrishnan, Sunil Munjal, RajanAnandan, KanwalRekhi, Vikram Gandhi, Jerry Rao amongst many others.
This is the first in a series of Funds so that over the next 10 years, the IAN Platform would invest Rs 5000 Cr in ~500 companies, making it the single largest platform for early-stage investing, enabling companies to raise from Rs 25 lakhs to Rs. 50 crores from a single platform, along with co-investors, providing startups funding through the most challenging stages of their growth.
