Omnichannel furniture and home decor retailer Wooden Street has raised Rs 354 crores (about $43 million) in its Series C fundraise from Premji Invest.
The Jaipur-based company plans to use the funding to scale its retail footprint in Tier I and II cities and enhance its omni-channel presence.
“We plan to utilise funding to fuel aggressive business expansion … Wooden Street also aims to expand its manufacturing capabilities, diversify its product portfolio, and strengthen its supply chain,” said Dinesh Pratap Singh, Co-founder, Wooden Street, in a statement.
Premji Invest will also offer Wooden Street strategic insights to scale its operations.
Founded in 2015, Wooden Street operates on a company-owned company-operated model across the country. It has a network of 20 warehouses and a 15 lakh sq ft manufacturing facility. It sells furniture, wardrobes, home decor, lighting and furnishing.
For the fiscal year ending in March 2024, Wooden Street reported more than Rs 260 crore in revenue and a loss of Rs 10.9 crore, according to a report by Entrackr.
The company had earlier raised $30 million in a Series B round led by WestBridge Capital in April 2022. The funding, which was a mix of primary and secondary investment, was concluded at a valuation of Rs 1,200 crore.
Prior to that, it had closed its Series A round of $3 million from Indian Angel Network and Rajasthan Venture Capital Funds in 2020.
Wooden Street competes with omnichannel players such as Reliance Retail-backed Urban Ladder, Furlenco, Wakefit.co, HomeLane and Pepperfry as well as ecommerce firms Amazon and Flipkart.
