Wooden Street Raises INR 354 Cr in Series C Round Led by Premji Invest The Jaipur-based brand aims to use new funding to expand experience stores in tier-I and tier-II cities, enhance omni-channel presence, boost manufacturing, diversify products, and strengthen its supply chain.
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Furniture and home decor brand Wooden Street has announced the raising of INR 354 crore (approximately USD 43 million) in its Series C funding round led by Premji Invest, bringing its total funding to USD 78 million.
The Jaipur-based company had previously raised USD 30 million from Westbridge in April 2022.
The new funding will drive Wooden Street's aggressive expansion plans, including opening more experience stores in tier-I and tier-II cities to enhance its omni-channel presence. The company also aims to bolster its manufacturing capabilities, diversify its product portfolio, and strengthen its supply chain.
"This funding reflects the hard work of our team and the trust our customers and investors place in us," said Lokendra Ranawat, CEO and co-founder of Wooden Street. "With Premji Invest's support, we are set to redefine furniture experiences in India, blending innovation with tradition."
Premji Invest, apart from financial backing, will provide strategic guidance to help Wooden Street scale its operations. Kaveesh Chawla, Partner at Premji Invest, remarked, "Indian consumers increasingly demand stylish, high-quality, and affordable furniture. Wooden Street's vertically integrated supply chain, in-house manufacturing, and exclusive stores make them a leader in this segment."
Founded in 2015 by Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti, Wooden Street operates on a company-owned, company-operated (COCO) model. Its footprint includes 102 experience stores, 20 warehouses, and a 15 lakh sq ft manufacturing facility.
In FY24, the company reported INR 260 crore in revenue with minimal losses of INR 10.9 crore, reflecting its strong business fundamentals. Known for its innovative designs, quality craftsmanship, and affordability, Wooden Street caters to Indian households seeking premium, functional furniture.
With this new funding, Wooden Street is poised to strengthen its market presence and continue delighting customers with its made-in-India offerings.
