WoodenStreet, a Jaipur-based online custom-furniture platform, has successfully raised USD 1 Million in Series-A round. The funding was led by RVCF (Rajasthan Venture Capital Funds), and the investment was overseen by Growth India Fund.
Wooden Street was co-founded by four engineering and commerce graduates – Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti in May 2015. They envisioned providing Indian consumers with affordable and custom-made solid wood furniture at lower price points.
Understanding the highly fragmented and unorganized sector of the 20B furniture industry in India, the founders believed that there was room for more. To fit with the consumers need, their idea was to collaborate with their finest makers and in-house furniture designers to deliver a piece that one desires. The team focused to inject technology, accessibility, and professionalism in their working to recreate the magic of unique furniture for every space by creating a curated platform.
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. The customization is also offered on the different wood type used, wood finishes, fabric types or colours, etc . Customers are updated with 3D renders to help them visualize their custom-products and are notified at each step of manufacturing to help them track the progress of their order
“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”, said, 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 so far. 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 Design 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 Bengaluru, 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.