WoodenStreet Plans 4X Growth, Eyes IPO with Mattress and Modular Expansion

 

Indian furniture and home décor brand WoodenStreet is planning to quadruple its revenue to Rs 10 billion (approx. $115.9 million) over the next three years as it aggressively expands its presence in the mattress and modular furniture markets, with an eye on going public, CEO and Founder Lokendra Ranawat told Reuters.

 

Operating in India’s booming $34 billion furniture sector, WoodenStreet is tapping into the growing appetite for stylish, wellness-oriented, and frequently upgraded home furnishings among India’s younger, digitally savvy consumers. The company, which currently operates 104 stores nationwide, plans to triple this count within the next 18–24 months, focusing primarily on major metro cities while also exploring opportunities in Tier-II and Tier-III locations.

 

WoodenStreet, backed by WestBridge Capital, raised $43 million from Premji Invest late last year to ramp up its manufacturing and workforce. Despite reporting a net loss of Rs 109 million on revenues of Rs 2.55 billion in FY24 its first loss in over five years Ranawat remains optimistic about achieving profitability alongside scaling.

 

A key component of the company’s growth strategy is the launch of its wellness-focused mattress brand 'Penguin Sleep', which aims to ride the post-pandemic consumer trend toward health and well-being. The brand will complement WoodenStreet’s push into modular furniture, another high-growth category.

 

As competition heats up in the segment, rivals like Wakefit and Duroflex are also preparing for IPOs. However, Ranawat affirmed WoodenStreet’s ambition to remain an independent and sustainable brand, steering clear of acquisition deals like Reliance’s acquisition of Urban Ladder.

 

“The idea is to touch Rs 10 billion in revenue and profitability in the next three years… and going public”, Ranawat said, outlining a bold growth roadmap that seeks to transform WoodenStreet into one of India’s most prominent home furnishing brands.