WoodenStreet, a furniture and home decor platform has raised $30 million in a fundraising round led by WestBridge Capital, valuing the company at $156 million (Rs 1,200 crore).
The funds were raised through a combination of primary and secondary investments.
Existing investors sell shares to new investors in secondary sales, and the money does not go to the company.
In 2020, WoodenStreet raised funding from the Indian Angel Network and Rajasthan Venture Capital Funds, totalling $3 million.
According to the company, the latest capital infusion will develop new areas, invest in technology, expand the supply chain, and add new categories.
It intends to open 200 stores in the following two years and bring on more than 3,000 home decor businesses.
The company today has over 50 locations and provides solid-wood and modular furniture, kitchen and wardrobe solutions, and home décor, lighting, and furnishings. It offers the service in more than 300 cities throughout the world.
WoodenStreet plans to enter the office and modular furniture markets, according to the company.
Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore, and Vikas Baheti launched the company in 2015.
“WoodenStreet has grown 100% year-on-year in the past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in next two years with this fundraise,” Dinesh Singh Rathore, also its chief financial officer, said.