WoodenStreet, an Udaipur-based online custom-furniture platform, has successfully raised USD 1 Million in Series-A funding. The funding was led by RVCF (Rajasthan Venture Capital Funds). The investment was overseen by Growth India Fund.
WoodenSteet was founded by a duo of brothers based in Udaipur, Lokendra Ranawat and Virendra Ranawat, along with their friends Dinesh Pratap Singh and Vikas Baheti in May, 2015. They envisioned providing Indian consumers with affordable and custom-made solid wood furniture at lower price points.
Through Wooden Street, customers can either select from an existing catalogue of pre-made designs, requesting modifications as per their requirements, or directly interact with highly specialized designers, who can understand their needs & ideas, to have something built uniquely for them.
“Due to widespread diversity, every single home is different which is why we believe custom made & space saving furniture was just not a trend but the future, we wanted every customer to own furniture of their choice being in the most compact manner”
– Lokendra Ranawat, Co-Founder Woodenstreet.com
With 200+ employees and three years of functioning, the company has seen profitable traction of 10,000 new visitors per day on their website. Delivering across 30 major cities in India, they have touched the base of 20,000+ happy customers. They are also the top-most discussed brand on Facebook while compared with their competitors in the industry.
This round of investment gives the company an opportunity to expand in new business verticals such as complete Interior Designing services. This will enable them in modernizing and digitizing every space by providing an end-to-end e-commerce platform that will not only facilitate custom-made furniture but also cover the interior design sector.
With experience stores across Bangalore, Mumbai, and Jaipur the funds will also be used to expand and open new stores at other major serviceable cities, which will help the company to maintain their market leadership for customized solid-wood furniture.