Woodenstreet EBITDA Margins Surge Approx 50%
WoodenStreet, India's leading home furniture & decor brand, has grown its scale significantly and witnessed approximately 50% growth in margins over the previous year. The Rajasthan-based startup, founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat & Vikas Baheti, announced an exceptional growth rate for FY22-23. The company announced revenue clocking to approx INR 200 Crore for FY22-23. And, with a determined eye on the future, the brand has unveiled its ambitious target of INR 500 Crore for FY23-24, signaling its readiness to scale even greater heights. According to the company, it has been consistently growing at a 60-65% annual growth rate in India since its inception. Its margins experienced a 50% surge compared to the previous fiscal year and they’ve successfully maintained a positive EBIDTA of INR 8 crore, underlining its operational efficiency In a digitally-driven age, WoodenStreet has maintained a striking balance between its online and offline presence. The company has added 45+ new stores in the last 12 months. WoodenStreet has strategically expanded its physical presence since 2015 with over 90+ Experience Centers PAN India & manages warehouses and R&D Units spanning over 20 Lakhs sq ft. “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.”, said, Lokendra Ranawat, CEO, WoodenStreet. "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.”, he further added. In its quest to diversify and offer an enriched experience to its customer base, the brand is also excited to introduce two new sub-verticals, Earthy Threads and Lightstreet, this year. Lightstreet promises to redefine home illumination, offering designs that are both functional and aesthetically pleasing. Earthy Threads, on the other hand, is set to delve into the world of soft furnishings, merging traditional artistry with contemporary sensibilities. As WoodenStreet stands on the brink of another fiscal year, it's clear that the brand is not just chasing numbers but is on a mission to redefine the furniture and home décor landscape of India. Founded in 2015, the brand currently operates 90+ experience stores across India and has more than 350+ delivery hubs, delivering a huge range of over 30k+ home furniture, décor, and home furnishing products.
Tags : WoodenStreet home furniture & decor brand Lokendra Ranawat Earthy Threads Lightstreet