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.