Jaipur based startup WoodenStreet has raised $3 million in funding from IAN fund as part of its Series A funding round. IAN fund is the funding arm of Indian Angel Network (IAN), launched fairly recently.
Woodenstreet was co-founded by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti in May 2015. The startup aims to provide users with the right tools to order custom furniture online, eliminating all the hassle that is involved in getting your ideal couch.
The funding round also witnessed investment from existing investor Rajasthan Venture Capital Fund (RVCF).
The startup provides the option of either ordering pre designed furniture items and suggesting minor changes in them, or get in touch with the designers themselves and get their stuff built from scratch.
The company offers customisation on the different type of wood used, wood finishes, fabric types and colours.
WoodenStreet plans to use this investment to further consolidate its footprint, both in India and in the overseas markets. Currently, the startup operates 25 experience stores in India. With the help from IAN fund’s investment, WoodenStreet plans to double this number by adding another 25 stores in the next two years.
“It is important for us to look at startups who can innovate to sustain in these challenging times. The transition of WoodenStreet is really impressive and we are confident that the team will continue to enhance its products and emerge as a leading player in the domain,” said Saurabh Srivastava, co-founder, Indian Angel Network.
The startup, which is in a heavily competitive segment, is competing with the likes of Pepperfry, UrbanLadder and other retailers like Amazon and Flipkart. Still, WoodenStreet hopes to end the FY21 with about Rs. 100 Cr in revenue.
The startup also ventured into other fields, including Virtual Reality and 3D visualization for enhancing its platform to give a technology-enabled furniture buying experiences.