Wooden Street secures ₹354 crore in Series C funding from Premji Invest
Summary
Wooden Street, a furniture & home decor brand, has raised 354 crore (about $43 million) in its Series C fundraise from Premji Invest.The company plans to use the funding to scale its retail footprint in Tier-I and -II cities and enhance its omni-channel presence.We plan to utilise funding to fuel aggressive business expansion. The company will scale its retail footprint by opening new stores in tier-1 and tier-2 cities, in the coming years, enhancing its omni-channel presence. Operating across both online and offline channels, the company has 102 experience stores, 20+ warehouses, and a 15 lakh sq ft manufacturing facility spread across India.This funding is a result of the hard work and dedication of the entire Wooden Street team. With Premji Invests support, we are poised to accelerate our mission of redefining how India experiences furniture, blending innovation with tradition at every step, said Lokendra Ranawat, CEO & Co-founder of Wooden Street.The company had earlier raised $30 million in a Series B round led by WestBridge Capital in April 2022. The funding, which was a mix of primary and secondary investment, was concluded at a valuation of 1,200 crore.The Indian furniture and home decor market has seen a surge in demand, driven by rapid urbanisation, rising disposable incomes, and a shift towards organised retail.It competes with omnichannel players such as Reliance Retail-backed Urban Ladder, Furlenco, Wakefit.co, HomeLane and Pepperfry as well as ecommerce firms Amazon and Flipkart