Online furniture seller Wooden Street has raised $1 million in its Series A funding round from Rajasthan Venture Capital Funds (RVCF). The funding was supervised by Growth India Fund.
The Jaipur-based startup will use the fresh fundings to expand in new verticals. Besides, it will also use the funds to open new stores in other major cities.
Wooden Street has 4 key members–Lokendra Ranawat, Dinesh Pratap, Virendra Ranawat, and Vikas Baheti. Founded in May 2015, the company has physical stores in Bengaluru, Mumbai, and Jaipur.
It allows users to customise their furniture either from the available designs or a custom request from scratch can be placed on the furniture they desire. The platform offers each customer to select their preferred wood type, finish, clour, simultaneously.
Customers are updated with 3D renders to help them visualise their custom-products and are notified at each step of manufacturing to help them track the progress of their order.
With more than 200 employees, Wood Street claims to get a decent traction of 10,000 new visitors per day on their website. The startup reveals in a press statement that it delivers across 30 major cities in India, and so far it has touched the base of over 20,000 customers.
The online furniture segment has been dominated by heavily funded startups such as UrbanLadder and Pepperfry. While UrbanLadder secured about $12 million in March this year, Mumbai-based Pepperfry scooped up Rs 250 crore fresh funds from State Street Global Advisors.
Meanwhile, e-commerce major Flipkart is also planning to accelerate its GMV in online furniture segment. It’s targeting to churn out a gross merchandise value, or GMV, of Rs 750 crore by the end of this year in the furniture vertical.
Going forward, online furniture rental market is also picking up fast. While Pepperfry has already tasted the vertical and it would be worthwhile to watch how other aforementioned players grab the opportunity.