Jaipur-based online furniture and décor store WoodenStreet showcased impressive growth for FY23 achieving a 50% increase in revenue to Rs 198 crore in the fiscal year ending March 2023 from Rs 131 crore in FY22.
The company, founded in 2015 by Lokendra Singh Ranawat and Virendra Singh Ranawat, offers a diverse range of furniture and décor products online, complemented by a recent push into offline experience stores.
While it witnessed a remarkable worth, the firm’s expenses also saw a significant rise to Rs 196 crore. This was a little over 51% spike as compared to FY22’s Rs 130 crore. This rise in expenses was driven by costs related to materials, employee benefits, depreciation, and advertising. Notably, the cost of materials constituted 26.09% of the expenses, while employee benefits and advertising costs were 13.55% and 2.18%, respectively.
It recently secured its Series B funding round in 2022, where it raised close to Rs 230 crore from WestBridge Capital, Konark Trust, and MMPL Trust. Post the infusion of the round, Lokendra Ranawat became the largest shareholder, while Virendra Ranawat and Dinesh Pratap Singh also held significant stakes.
In FY23, WoodenStreet experienced a 19% decline in profit, dropping from Rs 1.23 crore in FY22 to Rs 99.17 lakh. This reduction is reflected in its drop in EBITDA margin of 3.57% and ROCE of 1.06%