Amazon has launched Amazon Global Selling Propel (AGSP), an initiative designed to provide dedicated support to emerging Indian brands and startups to reach customers around the world. Amazon has partnered with Startup India to launch an accelerator program to help early-stage startups in the consumer products space to launch in international markets and create global brands from India through Amazon’s Global Selling program.
As part of the Startup Accelerator, Amazon has constituted a mentorship board consisting of Amazon leaders from India and across the world, VCs and senior leaders from Startup India, Invest India who will engage with emerging brands and provide them tailored resources, 1:1 mentorship on the global demand patterns and insights on building successful exports business through e-commerce.
Amazon will also host open virtual mentorship sessions focused on peer learning by inviting veteran entrepreneurs and members from its mentorship board for startups, to network and learn from their existing ecosystem. The accelerator program will provide startups an opportunity to showcase their business proposition to partner VC firms, Sequoia Capital India and Fireside Ventures, and a chance to win a total equity-free grant of $50,000 from Amazon.
Deepak Bagla, MD & CEO, Invest India, said, “The adoption of technology and digital transformation has paved the way for India to be at the forefront of innovation, giving rise to some of the best startups in the world. There are many promising, emerging brands that have the capability to become big and go global. This is a timely initiative by Amazon which can prove to be a big stepping stone for startups to build their business and get access to global markets.”
Amit Agarwal, Global Senior Vice President and Country Head, Amazon India, added, “Amazon Global Selling, our flagship program to grow Exports from India is witnessing tremendous momentum with increasing interest from exporters across India. Our partnership with Startup India to launch this accelerator program will provide emerging brands an opportunity to bring their business propositions to life and help create globally popular brands from India. With Amazon Global Selling we will continue to make Exports simple and accessible to businesses of all sizes and fulfill our commitment of enabling $10 billion in e-commerce exports from India by 2025.”
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
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