WoodenStreet invests Rs 5 crore; opens two new stores in Hyderabad

By: |
February 26, 2020 3:59 PM

The company plans to further invest Rs 15 crores over the next 12 months

These furniture stores are covering an area of 5,000 sq ft each.These furniture stores are covering an area of 5,000 sq ft each.

With an investment of Rs 5 crore, WoodenStreet is expanding its business by opening two new experience stores in Hyderabad. Covering an area of 5,000 sq ft, these experience stores are aimed at making quality custom furniture options accessible to the people of Hyderabad. “People in South India are inclined towards solid-wood and handcrafted furniture, and we aim to deliver them relevant products which match their taste”, Lokendra Ranawat, CEO, WoodenStreet stated.

The company further plans to invest about Rs 15 crore over the next 12 months. The investment is in line with the company’s plans to open a third store in Hyderabad and venture into the other regions by opening four additional stores in South India.

WoodenStreet claims to brings handmade crafts of over 500 Indian artisans to limelight under its Make-in-India initiative “Our nation thrives when its people thrive. And our people thrive when their traditions are given a platform to cultivate even in this fast-paced era”, Ranawat added.

It should be noted that in July, 2018, the company raised $1 million from Rajasthan Venture Capital Fund in Series A funding. The company which started primarily as an online custom furniture brand now has over 25 experience stores and a hundred delivery hubs across the country. In 2019 September, the brand announced its plans to establish over 50 experience stores across the country within the next 24 months. Specialising in customisation, the company also boasts interior designing services for complete home interior solutions. At present the company has experience stores in Bangalore, Mumbai, Chennai, Delhi, Jaipur, Indore, among others.

Currently, the company attracts about 12,000 – 15,000 visitors per day on their website, WoodenStreet.com.

Read Also: GroupM’s m/six bags media mandates worth Rs 700 crores in 2019

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