Indian furniture brand WoodenStreet plans to quadruple its revenue within the next three years by scaling its mattress and modular furniture segments and launching dozens of new stores, as the company gears up for a potential stock market listing, according to its CEO.
India’s $34 billion furniture market has witnessed rapid growth in recent years, driven by rising demand for sofas, recliners, wardrobes, and beds. Younger consumers with higher disposable incomes are driving this surge by shopping online more and upgrading their furniture more frequently.
“The idea is to touch 10 billion rupees ($115.90 million) in revenue and profitability in the next three years… and go public,” WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week.
WoodenStreet recorded sales of ₹2.55 billion and a net loss of ₹109 million in FY2024, its first loss in over five years, according to data from Tofler. To achieve its ambitious growth target, CEO Ranawat said the company is expanding aggressively into the mattress segment with its new brand, “Penguin Sleep,” leveraging the post-pandemic focus on wellness.
Additionally, it is making a strong push into modular furniture to capture the rising demand in India’s fast-growing furniture market.
WestBridge Capital-backed furniture brand, which raised $43 million from Premji Invest late last year to strengthen its workforce and manufacturing, sells a wide range of furniture and home décor online while operating 104 stores across India. CEO Ranawat stated that the company aims to triple its store count within the next 18-24 months, focusing on major cities while exploring smaller markets.
In the competitive furniture and mattress space, Wakefit filed for an IPO last month, while Duroflex, the owner of the “Sleepyhead” mattress brand, announced plans in April to go public within 18 months.
When asked if WoodenStreet would consider a deal akin to Reliance’s purchase of its peer Urban Ladder, Ranawat said, “The target is to make it a sustainable and long-term independent brand.”
