Update: WoodenStreet raises $30 Mn in Series B round

Update: According to WoodenStreet, it has closed this round at $30 million at a valuation of $156 million.

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Omnichannel custom furniture platform WoodenStreet has raised nearly $15 million or Rs 110 crore in a Series B round led by WestBridge. The fresh round has come for the Jaipur-based company after two years.

WoodenStreet has issued 10 equity shares and 1,415 Series B CCPS amounting to Rs 110 crore or close to $15 million to WestBridge, regulatory filings show.

The company had previously raised $3 million in a Series A round led by IAN Fund and Rajasthan Venture Capital Funds (RVCF) in June 2020. The Series B round appears to be an ongoing one and the company may rake in more capital from existing and new investors.

As per Fintrackr’s estimates, WoodenStreet has raised the fresh round at a post-money valuation of Rs 1,125 crore or close to $148 million. This is more than an eight-fold jump in valuation as compared to $18 million during the last round.

Five-year-old WoodenStreet is an omnichannel network for furniture spanning across India with over 50 experience stores and the company claims to have served over half a million customers.

Launched by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, the company recently said that it plans to double its on-ground presence to 100 stores this year.

For the fiscal year ending on March 31, 2021, WoodenStreet recorded a surge of 95.1% in its operating revenue to Rs 70.75 crore from Rs 36.26 crore in FY20. During the period, its profits shot up 272% to Rs 1.86 crore in FY21 as compared to nearly Rs 50 lakh in the preceding fiscal year.

The company aims to generate around Rs 600 crore in revenue in 2022.