WoodenStreet, an online furniture marketplace, is aiming to raise $ 10 million in the next 12 months.
The company will use the new funds for an Omnichannel expansion across India. The funds will also be utilized to increase its footprint in four more cities, including Mumbai, Hyderabad, Chennai and Pune, by the next quarter.
Lokendra Ranawat, CEO of WoodenStreet, said, “Currently, we operate 15 stores across India. As we grow, we are planning to open 20 more stores, which will help our base of 1 lakh customers increase by five-fold.”
Incorporated in 2015, WoodenStreet began with the feature of customization of solid wood furniture, which enables customers to transform the looks and functionality of their furniture as they see fit.
The company’s statement said, “With the prospect of new funds, the company will also head in the direction of augmented reality-enabled furniture experience, allowing customers to project an interactive 3D model of furniture.”