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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 2 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 open more brick and mortars in the coming months and provide 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.

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