Wooden Street is an online furniture brand that provides the most suitable furniture for your home. They sell ready-made furniture and also customize it according to the customer’s choice and preferences. They provide an extensive range of furniture like dining tables, sofa sets, lamps, coffee tables, centre tables, wardrobes, etc. All of these are crafted by skilled craftsmen and with premium quality wood, that perfectly suits your home décor. The company has modern styles, traditional styles, space-saving furniture, contemporary styles, etc. on their website. Wooden Street leaves no stone unturned when it comes to serving the customers. So let us get into this article to read the success story of this amazing brand.
Wooden Street – Key Points
- Company Name – Wooden Street
- Founding Year – 2015
- Founder – Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, Vikas Baheti
- Headquarters – Jaipur, Rajasthan, India
- Company Type - Private
- Industry – Retail
- Sector – Furniture and Home Furnishing Online Retailers
- Funding - $4 M
- Est. Annual Revenue - $15 M – $25 M
- Number of employees – 500 – 1000
- Website – www.woodenstreet.com
Wooden Street – Founder
- Lokendra Ranawat – Co-founder & CEO
- Virendra Ranawat – Co-founder
- Dinesh Pratap Singh – Co-founder
- Vikas Baheti – Co-founder
Wooden Street – Brand Name, Logo, and Tagline
- Brand Name – The brand name of the company is 100% appropriate for their business. It easily signifies their job and customers will be able to remind it every time they think of buying a piece of furniture for their house.
- Logo – The company logo is very simple and at the same time it is impactful as well. The simplistic approach to the logo is what makes it more special and attention-grabbing.
- Tagline – The company’s tagline is – Furniture…bonded with love.
Wooden Street – Business Model
The company follows the B2C (Business to Customer) model. They directly provide their products to the customers through websites or stores across India.
The company earns a percentage from all the sold products.
Wooden Street – Funding and Investors
Wooden Street has raised $4 M funding from a total of 2 rounds. Their last funding was raised from a Series A round on June 2, 2020. Some of the funding and investors of the company are as follows:
- $1 M – Series A round, Rajasthan Venture Capital Fund, Jul 19, 2018
- $3 M – Series A round, IAN Fund, Rajsthan Venture Capital Fund, Jun 2, 2020
Wooden Street – USPs
Some of the USPs of the company are as follows:
- They provide a wide array of furniture sets for your home.
- Wooden Street uses solid wood like Mango and Sheesham for every piece of furniture. These woods are sturdy and highly durable and it survives the test of time.
- The company also provide a customization facility to its customers.
- The furniture sold by the company is very affordable as well.
- Wooden Street is one of those few companies that has implemented a zero-waste policy.
Wooden Street – Growth
Some of the growth factors of the company are as follows:
- More than 50 experience stores across India.
- Over 30,000 furniture and furnishing products are available on the website
- More than 300 delivery centres across India
- Over 5 lakh satisfied customers.
Wooden Street – Milestones
Some of the milestones of the company are as follows:
- 2016 – 1st R&D unite in Jodhpur, Doorstep delivery sin 10 cities of India, WS team size makes up to 50
- 2017 – Doorsteps deliveries expand to 100 cities of India, Launched EMI facility, Tem size expands to 100+, Channelised prompt delivery options
- 2018 – 12 stores opened across the country, Launched interior designing services, Launched décor & furniture packages, Team size expands to 300+
- 2019 – Doorstep delivery in 200 cities, Crossed 1 lakh registered customers, Franchise Model launched
- 2020 – Launched the largest national warehouse in Jodhpur of around 2.5 lakh sq. ft., 20+ warehouse and distribution centres with a total area of 0 lakh sq. ft. across the country.
- 2021 – Doorstep deliveries in 300+ cities, Crossed 5 lakh+ satisfied customers, Introduced modular furniture range, Expands the physical appearance in Tier-II cities, and Opened more employment opportunities. Team size expands to 450+
Wooden Street – Competitors
Wooden Street has many good competitors in the market. Some of them are the top players and they acquire a good market share. Some of the top competitors of the company are as follows:
- Urban Ladder
- Saraf Furniture
Wooden Street – Challenges
Wooden Street had to go through various challenges in its entrepreneurial journey. Some of the main challenges faced by the company are as follows:
- Standardization of customer experience – This was one of the biggest challenges of the company to standardize the experience of their customers. Every online business face such issues and the company had to use several tactics to overcome this situation.
- Poor supply chain – Being an e-commerce company, it is very important to have a strong supply chain to deliver products to every corner of the country at the same rate. But due to the country’s poor infrastructure, the supply chain is also disrupted and Wooden Street had to face difficulties in serving its customers.
- Competitors – Wooden Street has quite strong competitors in the market. Companies like Ikea and Pepperfry acquire a good market share in this sector and it is difficult for the company to shift those trusted customer bases towards their company. Apart from these, Wooden Street also competes with the local businesses and shops. A good share of customers shifts toward local vendors as well.
- Pandemic – The current COVID-19 pandemic had a severe effect on most companies. Startups had to struggle the most during this period and they that to go through various hardships to survive that situation.
Wooden Street – Future Plans
Some of the upcoming plans of the company are as follows:
- The company wants to open at least 10 more experience stores across India.
- They want to increase their customer base.
- Wooden Street wants to increase its delivery centres across India to more than 350.
- The company is also planning to increase the furniture and furnishing products range on their website.
- They will hire more people in the coming few years.
- They want to go global in a few years and serve in various other countries as well.