Wooden Street, India’s 1st online custom furniture store has raised ₹6.8 crores in series A led by Rajasthan Venture Capital Fund (RVCF). The funds raised will be used to expand in new business verticals like interior designing services, taking its physical stores beyond Bengaluru, Delhi, and Jaipur to other major cities.
RVCF invests in seed, early and mid-stage companies operating in high growth sectors with a sustainable revenue model. It is an investor in the NASDAQ-listed Yatra.com, India’s leading online travel agent.
Wooden Street was founded by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, along with Vikas Baheti in May 2015. Wooden Street serves its customer’s furniture requirements by providing custom-made furniture crafted by a team of talented designers and craftsmen. It leverages modern technology like 3D modeling and 3D scanning to provide a perfectly crafted piece for its customer.
The customers can either choose from a pre-designed catalog, request modifications in the pre-designed product or choose to make a new product altogether. Wooden Street also lets the customers choose the type of wood, fabric, colors, etc for the product.
Woodenstreet Co-founder Lokendra Ranawat said in a statement, “Due to widespread diversity, every single home is different, which is why we believe custom-made and space-saving furniture was just not a trend but the future. We wanted every customer to own furniture of their choice in the most compact manner.”
The company started with an initial capital of ₹5 lakhs and claims to have reached a ₹20 crores in annual sales revenue in November 2017. It has a team of over 200 members based in Udaipur that delivers across 30 major cities in the country.
According to a report the furniture market in India is expected to grow to $27 billion by 2022. Wooden Street can establish itself in the market with its niche, online furniture is still a budding industry that is yet to be properly organized, barring a few online players. Other popular startups in the space include Pepperfry, Urban Ladder, along with a few other players in the market.