Furniture platform WoodenStreet has raised $43 million (about Rs 354 crore) in its Series C funding round from Premji Invest, according to an announcement on Monday.
With the newly raised funds, the company aims to expand its retail footprint in tier-II and tier-III cities.
The funding round comes more than two years after Wooden Street raised $30 million led by Westbridge in April 2022.
Started in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, WoodenStreet is an online platform providing furniture and home accessories including sofa sets, coffee tables, wardrobes, and dining table, with over 100 experience stores across the country.
The interior designing and home furnishing market in India, which is pegged to be worth around $31 million, has attracted considerable investor interest.
In August, private equity (PE) giant Warburg Pincus bought a majority stake in Indian furniture hardware company Ebco.
In September, home interior startup Homelane agreed to buy smaller rival DesignCafe in a deal that will value the combined entity worth Rs 3,000 crore ($358 million).
Premji Invest, established in 2006 as the investment arm of the Wipro founder’s endowment and philanthropic initiatives, has so far backed more than 140 companies with an aggregate portfolio revenue of $20 billion in markets such as the US and India, according to its website. These include prominent names such as eyewear brand Lenskart; and FirstCry, an online portal for baby products in India.
Apart from the consumer sector, Premji Invest also invests in fintech, enterprise, and healthcare companies and counts biotech firm Bicara Therapeutics and crypto tracking startup Binocs in its portfolio.
