Indian furniture brand WoodenStreet has big dreams. The Jaipur-based company wants to quadruple its revenue in the next three years and hit the public market with an IPO.
In a recent interview with Reuters, CEO and founder Lokendra Ranawat shared the company’s ambitious plans. “We are aiming for 10 billion rupees in revenue and profitability in the next three years… and going public,” he said.
From losses to long-term vision
In fiscal year 2024, WoodenStreet made 2.55 billion rupees in sales but also reported a net loss of 109 million rupees. It was the brand’s first loss in five years, according to data from business insights firm Tofler.
Still, Ranawat is not slowing down. Backed by WestBridge Capital and a recent $43 million investment from Premji Invest, the company is focused on rapid expansion.
New brands, more stores
WoodenStreet is now pushing into the mattress space with a new brand called Penguin Sleep. The goal is to tap into India’s growing wellness trend, especially after the pandemic.
At the same time, the brand is going all-in on modular furniture, another rising category among young Indian homeowners.
Today, WoodenStreet runs 104 stores across India. Ranawat said the brand plans to triple that number within the next 18 to 24 months. While big cities remain a target, WoodenStreet also wants to explore Tier-2 and Tier-3 cities, where demand is rising fast.
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IPO dreams in a hot market
The Indian furniture market is worth around $34 billion and growing fast. As young Indians spend more on home upgrades, demand for sofas, beds, and wardrobes is booming.
WoodenStreet isn’t the only one thinking IPO. Rival Wakefit has already filed for a public listing. Another competitor, Duroflex, plans to go public within 18 months.
So, will WoodenStreet sell out like Urban Ladder, which was bought by Reliance? Ranawat was clear: “The target is to make it a sustainable and long-term independent brand.”
What’s next?
The next few years could be make-or-break for WoodenStreet. But with solid funding, sharp focus, and rising demand, the brand is in a strong position.
From making sofas to making stock market news, WoodenStreet is dreaming big—and building fast.
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