Custom furniture brand WoodenStreet has reported an annual revenue of INR 50 crore (approx.), a 112% rise in FY 2019-20, projecting a healthy increase of 138% in revenues for the upcoming FY 2020-21.
Founded in 2015 as a platform for providing premium-quality custom furniture, WoodenStreet has shown a remarkable increase, not just in terms of profitable revenue but also in terms of expansion across the Indian sub-continent.
In FY 2018-19, the company had reported a revenue of INR 24 crore (approx.), almost doubling over this time with a massive expansion drive that now covers 25 Experience stores across 15 major cities of India. It was during this period (FY 2018-19) that the company had successfully raised USD 1 Million in Series-A funding from RVCF.
“Expansion was a major drive for us, and we redirected our efforts to create an omni-channel network to increase accessibility of our furniture range”, says Lokendra Ranawat, CEO of WoodenStreet at TiEcon Mumbai 2020 while discussing the company’s revenue growth.
He further explains, “From 12 stores to 25 in a short span of one year is a big leap for us, and this number is sky-bound”, indicating the plan of fierce domestic and international expansion in the coming years.
With over 1 million visitors on WoodenStreet.com per month, the future seems profitable as well, for the company has projected INR 120 crore (approx.) revenue, a massive 138% increase for FY 2020-21.
The online custom furniture brand, with its 25 Experience Stores, provides access to a massive range of over 10,000 furniture and furnishing products, the ability to customize furniture and interior designing services to suit everyone’s needs.
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