Sunday, March 03, 2024
Outlook.com
Outlook India
Outlook Business

IAN Announces Exit of Woodenstreet, Investors Score 12x Returns

The last funding that Woodenstreet raised was $30 million in a Series B round from WestBridge Capital

IAN Announces Exit of Woodenstreet, Investors Score 12x Returns

Outlook Start-Up Desk

POSTED ON April 05, 2023 3:21 PM

Indian Angel Network (IAN), a platform for seed and early-age investing, announced an exit from one of its portfolio companies, Woodenstreet. Some investors exited from the company with a return amounting to 12 times its investment in a period of a little more than two years.  
 
Woodenstreet, a home furniture and decor platform, offers quality products at affordable prices. It raised funding from IAN Fund and IAN Angel Investors in 2020. 
 
“It’s commendable how Woodenstreet has grown significantly over time. What started as a humble start-up has now carved a niche in the home furniture and decor market. The team has continued to build a profitable business, with a sharp eye on cash flows and achieved economies of scale. Woodenstreet is bringing a change through its offerings of premium quality, luxury, and affordable furniture. The company is expanding aggressively and has a robust Pan-India presence. We are confident it will achieve its zenith in the coming times, and our best wishes will always be with the team,” said Padmaja Ruparel, co-founder of IAN.

“We are filled with gratitude for IAN for their endless support in our journey. Through their leadership and assistance, we have been able to scale and achieve our goals. We have recently expanded to 100 experience stores across the country, and to expand further, we intend to open 300 stores in the next two years,” added Lokendra Singh Ranawat, chief executive officer (CEO) of Woodenstreet.

“Customer delight is a key focus area for us and we’re constantly making up our presence in every city to give customers a chance to visit and experience our furniture range, We look forward to opening more brick and mortars in the coming months and providing designer, affordable furniture to reach closer to our audience.” Ranawat further explained.
                
The last funding that Woodenstreet raised was $30 million in a Series B round from WestBridge Capital. 

  • Related Articles

    Through a recent blog, Google announced that it is implementing User Choice Billing (UCB) System from April, 26 2023, wherein Google will take 11-26 per cent of revenue earned by Indian Start-ups

    Google's 'Lagaan' Is A Death Knell For Indian Start-Up Ecosystem, Says ADIF

    The Farmer Producer Organisation is a farmer collective from Tamil Nadu and has been associated with Samunnati for more than five years

    Samunnati Onboards Farmer Producer Organisation Under TReDS

    The green energy start-up will use the funding to accelerate the deployment of Ossus' OB HydraCel across various sectors and produce three to five tons of green hydrogen daily before the year-end

    Ossus Biorenewables raises $2.4 million from Gruhas, Rainmatter Climate in pre-Series A round