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WoodenStreet

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WoodenStreet
Company typePrivate
IndustryHome & Furniture
Founded2015 (2015)
Headquarters
Jaipur
,
India
Number of locations
101 stores (2024)
Area served
India
Key people
Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, Vikas Baheti.
ProductsFurniture, Home Decor, Home Furnishings
ServicesInterior Design Consultancy
Websitewww.woodenstreet.com

The WoodenStreet Furnitures Private Limited,[1] commonly known as WoodenStreet,[2] is an Indian online marketplace for furniture, home furnishing and home décor.[3] The company was founded in 2015 in Jaipur by Lokendra Ranawat,[4] Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti,[5] and is headquartered in Jaipur.[6][7] The company provides ready-to-assemble furniture, home decor and furnishing solutions.

History

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2015–2016

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Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti founded Woodenstreet in June 15 as a furniture company with headquarters in Jaipur.[8][9][10][11] Wooden Street started as an omnichannel retailing company through the first brick-and-mortar store in Bangalore.[12] The company also established its first research and development Unit in Jodhpur, increasing doorstep delivery to 10 cities of India with 50+ employees.[13]

2017–2018

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Wooden Street launched its Android and iOS app, and expanded its doorstep delivery to 100 cities across India. To further support customers, an EMI facility was introduced. The company secured US$1 million in Series A funding from RVCF.[14] During this year, the brand opened 12 new stores across the country.[15] Wooden Street launched interior designing services and introduced decor and furniture packages.

2019–2021

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Wooden Street expanded its doorstep delivery to more than 350 cities. This growth was backed by an investment of US$4–5 million,[16] which allowed Woodenstreet to launch the largest national warehouse in Jodhpur,[17][18] covering around 250,000 square feet (23,000 m2). Wooden Street also introduced a modular furniture range,[19] expanded its product offerings, and increased its physical presence in Tier-II cities.[20] Additionally, the brand established more than 20 warehouses and distribution centers, totaling area of 1,000,000 square feet (93,000 m2) across India.[21]

2022–2024

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WoodenStreet raised US$30 million in Series B funding, led by WestBridge Capital.[22] The company achieved over 95 experience stores and expanded its presence to more than 100 stores nationwide.[23][24][25] The team size also grew by over 1,200 employees.[26] The company introduced a modular kitchen segment, along with launching two in-house furnishing brands, Earthy Threads and Light Street.[27][28]

Products and Services

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WoodenStreet offers pre-assembled and ready-to-assemble furniture for living rooms, bedrooms, dining rooms, and offices, along with home décor items. The company is notable for its customizable furniture feature, which allows customers to modify designs, dimensions, and materials. The company also provides interior design consultancy.[29][30]

In-House Brands

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Earthy Threads

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Earthy threads is an in-house furnishing brand, which focuses on locally manufactured home products.[31][32]

Light Street

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Light Street is an in-house brand dedicated to lighting and home decor solutions.[33][34]

Funding

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  • WoodenStreet first secured seed capital of US$1 million from RVCF in 2018.[35][14][36]
  • The next round of investment was with IAN in 2020 in which the company raised US$3 million in a Series A funding.[37][38][39]
  • In April 2022, the company raised US$30 million in a Series B funding round, led by West bridge Capital.[40][41][42][43]

Awards and Recognition

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References

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  1. ^ Leader, The Weekend. "Quartet's online furniture business started with Rs 5 lakh achieves Rs 18 crore turnover in less than three years". www.theweekendleader.com. Retrieved 2024-10-18.
  2. ^ Anand, Anasuya (2018-02-16). "Wooden Street: Success Story of India's First Online Customized Wooden Furniture Store". myIndiamyGlory. Retrieved 2024-10-18.
  3. ^ "Jaipur-based Wooden Street raises ₹6.8 crores in series A". The Indian Wire. 2018-07-19. Retrieved 2024-10-18.
  4. ^ Kumar, Ravinder (2015-10-27). "Lokendra Singh Ranawat". Yo! Success. Retrieved 2024-10-18.
  5. ^ Yadav, Naina. "Once Freelancers, This Kolkata Couple Now Clocks Rs 2 Cr From PR Firm". startuppedia.in. Retrieved 2024-10-18.
  6. ^ "Wooden Street Success Story – Bringing Beautiful types of Furniture for You". thedigitalyug.com. 2022-04-28. Retrieved 2024-10-18.
  7. ^ Easyleadz. "Wooden Street – Email & Phone of top management contacts". www.easyleadz.com. Retrieved 2024-10-18.
  8. ^ Sil, Debarghya (2020-08-28). "This Jaipur-Based Startup Delivers Customized Furniture At Doorsteps". Entrepreneur. Retrieved 2024-10-18.
  9. ^ "The Start-Up That Began With Just Rs 5 Lakh Two Yrs Back, Now Valued At Over Rs 60 Crore!". KenFolios. 2017-09-15. Retrieved 2024-10-21.
  10. ^ Sinha, Manoshi. "Wooden Street Founders". myIndiamyGlory. Retrieved 2024-10-18.
  11. ^ CHAIN, TEXTILE VALUE (2020-03-12). "Wooden Street Furnitures Private Ltd | Textile Magazine, Textile News, Apparel News, Fashion News". Retrieved 2024-10-18.
  12. ^ "D2C Brand WoodenStreet plans to launch 15 stores by 2019-end". Indian Retailer. Retrieved 2024-10-18.
  13. ^ www.ETRetail.com. "Wooden Street expands in Jodhpur with its manufacturing and R&D unit – ET Retail". ETRetail.com. Retrieved 2024-10-21.
  14. ^ a b "RVCF partially exits Woodenstreet with 23x returns". Financialexpress. 2022-05-02. Retrieved 2024-10-19.
  15. ^ "Wooden Street to Expand its Offline Presence by Opening more Stores in 2019 | Business". Devdiscourse. Retrieved 2024-10-21. Thankfully, we have reached our goal of 12 stores in 2018.
  16. ^ Babar, Kailash (2021-03-08). "WoodenStreet to invest $5 million to expand warehouses capacity to 5 million sq ft". The Economic Times. ISSN 0013-0389. Retrieved 2024-10-21.
  17. ^ "WoodenStreet to Invest $5 mn to Expand Warehouse Capacity by Fivefold". Indian Retailer. Retrieved 2024-10-21.
  18. ^ "Online custom furniture platform WoodenStreet to invest $4–5 million to expand warehousing capacity". 2021-03-08. Retrieved 2024-10-18.
  19. ^ Kaur, Jaspreet (2022-04-27). "D2C Furniture Startup Wooden Street Secures $30 Mn To Add New Categories". Inc42 Media. Retrieved 2024-10-18.
  20. ^ www.ETHRWorld.com. "WoodenStreet to expand in tier 2 cities, aims to generate more than 100 job opportunities – ETHRWorld". ETHRWorld.com. Retrieved 2024-10-21.
  21. ^ "WoodenStreet to invest $5 mn on warehouse expansion; hire 300 people".
  22. ^ Jose, Teena (2022-04-27). "WoodenStreet Raises Around $30 Million In Series B Funding, Led By WestBridge Capital". Entrepreneur. Retrieved 2024-10-21.
  23. ^ "WoodenStreet opens 10th Store in Delhi NCR, upbeat about North". Retrieved 2024-10-21.
  24. ^ "Retail India News: Wooden Street Opens 101st Store in Lucknow Following Milestone 100th Store Launch". Indian Retailer. Retrieved 2024-10-18.
  25. ^ Nair, Rekha (2024-10-04). "Wooden Street Celebrates Grand Opening of their 100th Store". Business News This Week. Retrieved 2024-10-18.
  26. ^ IN, FashionNetwork com. "WoodenStreet opens 101st India store in Lucknow". FashionNetwork.com. Retrieved 2024-10-18.
  27. ^ "Wooden Street opens Light Street Store in Mumbai, eyes 50 stores by 2025". India Retailing. 2024-03-26. Retrieved 2024-10-21.
  28. ^ Chain, Fashion Value (2023-10-03). "WoodenStreet Launches "Earthy Threads": An Exclusive In-House Brand for Home Furnishings | FASHION VALUE CHAIN". Retrieved 2024-10-21.
  29. ^ pubhtml5.com. "Interior Design Services By Wooden Street". Pubhtml5. Retrieved 2024-10-19.{{cite web}}: CS1 maint: numeric names: authors list (link)
  30. ^ CHAIN, TEXTILE VALUE (2024-07-26). "Wooden Street opens its 99th store in India & adds a new location". Retrieved 2024-10-19.
  31. ^ IN, FashionNetwork com. "WoodenStreet launches home textiles brand 'Earthy Threads'". FashionNetwork.com. Retrieved 2024-10-19.
  32. ^ "WoodenStreet launches in-house home furnishing brand Earthy Threads". India Retailing. 2023-10-03. Retrieved 2024-10-19.
  33. ^ "Woodenstreet Launches In-House Brand 'Light Street'". Realty+, an exchange4media group publication is India’s leading real estate monthly Magazine with offices in Delhi, Mumbai and Bengaluru. Retrieved 2024-10-19.
  34. ^ "WoodenStreet launches Light Street, an in-house brand for lighting and decor". India Retailing. 2024-01-01. Retrieved 2024-10-19.
  35. ^ "Custom Furniture startup WoodenStreet raises $ 3 million in Series-A Funding from IAN Fund, RVCF". The Economic Times. 2020-06-02. ISSN 0013-0389. Retrieved 2024-10-19.
  36. ^ "RVCF partially exits furniture startup with 23 times returns". The Times of India. 2022-05-02. ISSN 0971-8257. Retrieved 2024-10-19.
  37. ^ "Woodenstreet, Home Furniture Startup, Announces Investor Exit with 12x Returns in 2 Years".
  38. ^ "IAN Fund I provides Exit – Indian Angel Network". Retrieved 2024-10-19.
  39. ^ Srivats, K. R. (2023-10-10). "IAN Fund I divests partially in WoodenStreet". BusinessLine. Retrieved 2024-10-19.
  40. ^ "IMPACT OF MAKE IN INDIA & START UP INDIA ON FDI".
  41. ^ "FOREIGN DIRECT INVESTMENTS AND ENVIRONMENT IN INDIA" (PDF).
  42. ^ "A Study of Major FDI Sectors of India and its Impact" (PDF).
  43. ^ "WestBridge Capital bets $30 mn on furniture brand WoodenStreet". VCCircle. Retrieved 2024-10-19.
  44. ^ CHAIN, TEXTILE VALUE (2023-07-19). "Wooden Street is Awarded With Furniture Retailer of the Year at Star Retailer Awards 2023 | Textile Magazine, Textile News, Apparel News, Fashion News". Retrieved 2024-10-19.
  45. ^ "www.woodenstreet.com receives recognition at Excellence Award 2016". www.woodenstreet.com. Retrieved 2024-10-19.
  46. ^ Thathoo, Chetan (2024-08-08). "121 D2C Brands That Are Disrupting India's Consumer Market". Inc42 Media. Retrieved 2024-10-19.
  47. ^ "First edition of e4m D2C Revolution Awards 2022 felicitates 100 outstanding brands – Exchange4media". Indian Advertising Media & Marketing News – exchange4media. 2022-08-04. Retrieved 2024-10-19.
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