The fundraising was a mix of primary and secondary investment.
Secondary sales are those in which existing investors sell shares to new investors and the money does not go to the company.
WoodenStreet raised $3 million in 2020 from Indian Angel Network and Rajasthan Venture Capital Funds.
The Jaipur-based company will use the latest capital infusion to expand into different markets, invest in technology, expand the supply chain and add more categories, it said.
It plans to open 200 stores in the next two years and onboard more than 3,000 home decor brands.
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The company currently operates more than 50 stores and offers home solutions including solid-wood and modular furniture, kitchen and wardrobe, home décor, lighting and furnishings. It provides the service in more than 300 cities.
WoodenStreet said it planned to enter the office and modular furniture markets.
The company was founded in 2015 by Lokendra Singh Ranawat, Virendra Ranawat, Dinesh Singh Rathore and Vikas Baheti.
“WoodenStreet has grown 100% year-on-year in the past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in next two years with this fundraise,” Dinesh Singh Rathore, also its chief financial officer, said.
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