Wooden Street, a leading Indian furniture and home decor brand, has successfully raised Rs 354 crore (around $43 million) in a Series C funding round. The investment was led by global investment firm Premji Invest, marking one of the largest funding rounds in the furniture sector in recent years.
Leader in Furniture Market
Founded in 2015 by Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti, Wooden Street has become a popular name in Indian households. Known for its stylish yet functional furniture, the company combines innovative designs with quality craftsmanship at affordable prices.
Operating under a Company Owned Company Operated (COCO) model, Wooden Street boasts a significant market presence. It currently runs 102 experience stores, over 20 warehouses, and a vast 15 lakh sq ft manufacturing facility across India.
Funding to Drive Expansion
The newly secured funds will support Wooden Street’s ambitious growth plans. CEO Lokendra Ranawat expressed his gratitude, saying, “This funding reflects the trust of our customers and investors. With Premji Invest’s backing, we aim to redefine the Indian furniture experience, blending tradition with innovation.”
The company plans to scale its retail footprint by opening more stores in tier-1 and tier-2 cities, enhancing its omni-channel presence. Additionally, the funds will be used to expand manufacturing capabilities, diversify the product range, and strengthen the supply chain.
Vision for Wooden Street
Kaveesh Chawla, Partner at Premji Invest, praised Wooden Street’s accomplishments, stating, “Indian consumers now demand stylish, high-quality furniture at affordable prices. Wooden Street, with its vertically integrated supply chain and in-house manufacturing, has proven its ability to deliver. We are excited to support Wooden Street as it continues to delight customers with premium, made-in-India furniture.”
Aiming for Bigger Market Share
With this funding, Wooden Street aims to solidify its position as a leader in India’s furniture market. By expanding its reach and upgrading its offerings, the company seeks to cater to the evolving needs of Indian households.
This significant investment highlights the growing demand for premium, affordable furniture in India and showcases Wooden Street’s potential to lead the market with its innovative approach.
