As one of the biggest fundraising events in the home and furniture industry in recent years, Wooden Street, India’s top furniture and home décor business, announced a Series C round of INR 354 crores (about $43 million) by international investment firm Premji Invest.
In the Indian furniture industry, Wooden Street, which was founded in 2015 by Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti, has become a household name.
The business has more than 100 experiential stores, 20 warehouses, and a manufacturing plant that is 15 lakh square feet in size, and it operates smoothly through both online and offline channels.
Commenting on the latest funding, Lokendra Ranawat, CEO & Co-founder of Wooden Street, said: “This funding is a result of the hard work and dedication of the entire Wooden Street team. It reflects the trust our customers and investors placed in us. With Premji Invest’s support, we are poised to accelerate our mission of redefining how India experiences furniture, blending innovation with tradition at every step.”
Rapid urbanization, growing disposable incomes, and a move toward organized shopping have all contributed to the recent boom in demand for furniture and home décor in India.
“Indian consumers are increasingly seeking stylish, high-quality home and furniture products at affordable prices. With a vertically integrated supply chain, in-house manufacturing in India, and exclusive experience stores, Wooden Street has proven its ability to deliver beautifully crafted designs, exceptional quality, and competitive pricing. We are excited to partner with Wooden Street as they continue to delight customers with premium, made-in-India furniture.”, said Kaveesh Chawla, Partner, Premji Invest.
Premji Invest has a track record of making profitable investments in high-growth businesses with bright futures in a range of industries. In addition to financial support, Wooden Street will receive strategic insights from Premji Invest to aid in the expansion of its business.
On fund utilization, Dinesh Pratap Singh, Co-founder, Wooden Street, said, “We plan to utilize funding to fuel aggressive business expansion. The company will scale its retail footprint by opening new stores in tier-1 and tier-2 cities, in the coming years, enhancing its omni-channel presence. Wooden Street also aims to expand its manufacturing capabilities, diversify its product portfolio, and strengthen its supply chain.”
The investment marks a turning point in Wooden Street’s development, allowing the business to expand more quickly while adhering to its goal of revolutionizing the Indian home furnishings market.
Leading investors supported the business in prior years, and it has raised about $35 million to far.
The success of Wooden Street, which was founded in 2015, is a ray of optimism. The Series C funding indicates a wider shift in investor interest toward the home vertical in addition to validating its business plan. With a strong plan in place, Wooden Street is poised to become a leader in India’s expanding furniture sector and redefine industry standards.
