Wooden Street, a prominent furniture and home decor brand, has successfully raised ₹354 crore (approximately $43 million) in its Series C funding round led by Premji Invest. This latest infusion of capital brings the company’s total funding to $78 million, following a $30 million Series B round led by Westbridge in April 2022.
Dinesh Pratap Singh, the co-founder of Wooden Street, stated that the funds will be directed toward expanding the brand’s business operations. The company plans to strengthen its retail footprint by opening new stores in tier-II and tier-III cities, while also enhancing its omni-channel presence.
Beyond financial support, Premji Invest will provide strategic insights to Wooden Street, aiming to optimize operations and accelerate growth.
Founded in 2015, Wooden Street operates on a company-owned, company-operated (COCO) model. The brand’s robust infrastructure includes 102 experienced stores nationwide, over 20 warehouses, and a 15 lakh square feet manufacturing facility across India. This infrastructure supports its dual online and offline sales strategy.
The company has reported impressive performance, with revenue surpassing ₹260 crore for the fiscal year ending March 2024, and losses limited to ₹10.9 crore.
With its latest funding round, Wooden Street is poised to solidify its leadership in the Indian furniture market by expanding its reach and meeting the growing demand for quality, design-centric home decor solutions.
