New Delhi: 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 little more than two years.
Woodenstreet, India’s leading home furniture and decor platform, offers premium quality and designer products at affordable prices. It raised funding from IAN Fund & IAN Angel Investors in 2020.
Padmaja Ruparel, Co-founder of IAN, said, “It’s commendable how Woodenstreet has grown significantly over time. What started as a humble startup 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.”
Mr Lokendra Singh Ranawat, CEO of Woodenstreet, said, “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.”
“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 mortars in the coming months and providing designer, affordable furniture to reach closer to our audience.”, he added further.
The last funding that Woodenstreet raised was $30 million in a Series B round from WestBridge Capital.
About WoodenStreet
WoodenStreet is India’s leading home furniture and decor platform, which offers an exquisite range of products crafted from premium materials at an affordable price. Founded in 2015 and headquartered in Jaipur, Rajasthan, the company started its operations in 2015 with humble beginnings and has now grown to a team size of 1100. With an impressive range of 30k home furniture, decor items, and furnishing products, we have ten lakhs+ dream houses come true. While keeping up with trends, our product range caters to designer options for every home while resonating with our mission of “Affordable Luxury”.
Spread across India with 100+ Experience Stores, 350+ delivery centres & in-house manufacturing units across an area of 12 Lakh Sq Ft at multiple locations, we deliver the promise of quality, multi-functionality, and designer furniture through master-crafted designs.
About IAN:
Indian Angel Network is India’s first and the world’s largest business angel network, with close to 500 members worldwide, comprising the who’s who of successful entrepreneurs and dynamic CEOs. With investors from 12 countries, IAN’s presence spans 7 locations, which includes cities in India and the UK. The network is sector agnostic and has funded startups across 19 sectors in India and seven other countries, growing global footprint companies. With an excellent track record, IAN has been giving fantastic cash exits year-on-year to its investor members for the last 12 years. Some of its marquee investee companies include Druva, Spinny, Box8, Uniphore, WOW Momos, Consure, Fareye, NOCCARC, Propelld, Skit.ai Dhruva Space, Webengage, Farmart, Planet Sparks, amongst many others.
Along with the IAN Fund, an INR 375 crore VC fund, BioAngels and now a Rs. 1000 crores IAN Alpha Fund, the IAN Group has created the single largest platform for seed and early-stage investing, enabling entrepreneurs to raise from Rs. 25 lakhs to Rs. 50 crores.
