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Time of India
3 days ago
- Business
- Time of India
Indian furniture brand WoodenStreet aims to quadruple revenue in 3 years, mulls IPO, CEO says
India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand."
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Business Standard
4 days ago
- Business
- Business Standard
Furniture brand WoodenStreet aims to boost revenue in 3 years, mulls IPO
The CEO Lokendra Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones Reuters India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand." (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
4 days ago
- Business
- Economic Times
Indian furniture brand WoodenStreet aims to quadruple revenue in 3 years, mulls IPO, CEO says
India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. ADVERTISEMENT India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. ADVERTISEMENT Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. ADVERTISEMENT When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand." ($1 = 86.2800 Indian rupees) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
29-05-2025
- Business
- Time of India
Menswear brand Snitch raises Rs 278 crore from 360 One Asset, others
Omnichannel menswear fashion brand Snitch has raised Rs 278 crore in a round led by 360 One Asset (formerly IIFL Wealth & Asset Management). The round also saw existing investors SWC Global, a Singapore-based venture capital firm, and IvyCap Ventures, an early-stage venture capital firm, participate. The company's board has passed a resolution to issue 1,755 compulsorily convertible preference shares at a premium of Rs 15,89,385 each to raise Rs 278.93 crore, as per filings sourced from business intelligence platform Tofler. 360 One Asset has invested Rs 220 crore, while SWC Global and IvyCap Ventures have invested Rs 29 crore each. Founded in 2018, Snitch operates in the fast fashion segment, where large companies such as H&M and Zudio also operate. Snitch, which sells a range of menswear, including shirts, T-shirts, jeans, jackets, sweaters, hoodies and accessories, currently operates around 59 physical stores across India. Live Events Earlier, Snitch founder Siddharth Dungarwal had told ET that the company expects offline sales to contribute around one-third of its projected revenue of over Rs 600 crore for the financial year that ended in March 2025. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In FY24, the brand had reported revenue of Rs 243 crore, as per Tracxn. It is yet to file financial statements for 2024-25 with the Registrar of Companies. In April, Dungarwal revealed that the brand's revenue had grown 2.2 times in FY25 over the previous year, while profitability had increased fivefold. 'Plan for FY26 is about setting even bigger goals: 2x revenue growth—again, 50 more stores in the next 6 months, expanding into new categories—pluswear, bags, footwear, sunglasses and more,' Dungarwal had said in a post on LinkedIn. The Bengaluru-based company last raised funding in December 2023, when it got an infusion of Rs 110 crore in a round led by SWC Global and IvyCap Ventures.
Mint
25-04-2025
- Automotive
- Mint
River Mobility races to expand—but losses mount in a tough EV market
Electric scooter company River Mobility has seen its losses more than double in FY25, reaching ₹ 176 crore—up from ₹ 82 crore in FY24—even as revenue grew 20-fold. The company's aggressive expansion into retail outlets, with 25 stores now operational, has been a key driver of this surge. In FY24, River's revenue stood at ₹ 5 crore, according to regulatory filings accessed by business intelligence platform Tofler. In FY25, it jumped to ₹ 104 crore. Despite the mounting losses, CEO and co-founder Aravind Mani remains confident about the company's growth prospects. "We only had four months of sales in FY24. At the time, we didn't have any distribution, and we were selling out of an office in Whitefield, Bengaluru," Mani told Mint . 'Over the last year, we've opened 25 outlets. Revenue increased because we're now selling through more outlets." Read this | English fever: How startups are unlocking smalltown India's big-city aspirations The company saw a dramatic 16-fold increase in scooter sales, from 390 units in FY24 to 6,157 units in FY25, underscoring the impact of this retail expansion. Launched in October 2023, River Mobility's Indie electric scooter is now the company's flagship product. River Mobility is targeting 100 stores by the end of FY26 and aims to expand rapidly across India. Currently, its footprint is largely confined to southern India, with a new store in Pune scheduled for April. "Opening there (in Pune) makes sense from a fundamental perspective because it's a large two-wheeler market," said Mani, stressing that growth decisions are driven by practicality, not just optics. 'We're increasing our spend in marketing as we scale across the country." Read this | Can two-wheelers stay on the pedal in 2025? The company spent the previous financial year focusing on adding manpower to its R&D segment while also increasing staffing at its manufacturing plant in Hoskote on the outskirts of Bengaluru. River Mobility expects to be gross margin profitable between September and October this year. 'Once we hit a scale of selling 15,000 to 20,000 units a month, we will be ebitda positive," Mani said. Achieving that will require a sharp ramp-up in production. Though the Hoskote facility can produce up to 8,000 units a month, it's currently operating at under 20% capacity—producing just 1,000–1,500 units. River plans to scale gradually through the year, aiming to hit 75% capacity (about 6,000 units a month) by the Diwali season—one of India's biggest festivals, when sales typically spike. Founded in 2021 by former Ultraviolette Automotive employees Aravind Mani and Vipin George, River Mobility has raised $68 million, approximately ₹ 565 crore, from investors such as Yamaha Motor Co., Israel's Maniv Mobility, Al Futtaim Group, Toyota Ventures, and Lowercarbon Capital. But despite the strong global backing, Indian investors have yet to come on board. A fresh fundraise is planned, though timelines remain fluid. 'We're just waiting on a few macroeconomic conditions to stabilise. The tariff war is quite bad. We don't know if we're looking at a recession this year," Mani said. 'We have enough strategics on the cap table. What we need is a very strong financial growth investor to come in." Making a meaningful dent in the market won't be easy, given how legacy players like Hero MotoCorp, TVS, and Bajaj Auto are expanding their EV offerings. 'Challenges for new entrants, at the end of the day remains reach to the customer and the product. The fundamental pillars," said Amit Kaushik, country head at Urban Science, an automotive consulting company. 'Of course, if you have the right product, right pricing and reach, there's room to play." Given the head start on supply chain, distribution and overall presence that most of the bigger companies have in the space, the survival odds for many of the startups in the space aren't great. Read this | The curious case of Ola's scooter 'sales' without invoices 'A few years down the line, we may see maybe 10-20% of these startups survive. The rest will be consolidated into the bigger players," said Nikhil Dhaka, vice president at Primus Partners, a global management consulting firm. 'They can create innovation and build niche products, but incumbents have their dealer networks. That's a big thing." Then there's the task of convincing consumers. According to Deloitte's 2025 Global Automotive Consumer Study, just 8% of Indian consumers prefer all-battery electric vehicles (EVs). Internal combustion engines still dominate at 54%, with hybrids and plug-in hybrids at 21% and 12%, respectively. Safety remains a key concern. The Deloitte report found that concerns around battery technology are among the top three issues when it comes to battery-powered EVs in India. 'Safety is still a critical issue, and we've seen so many examples of vehicles catching fire," said Dhaka of Primus Partners. Urban Science's Kaushik agrees. 'The quality of products from early entrants into the EV space wasn't reliable. It's why customers still continue to have a soft corner for traditional players on whom they've been relying on for years." The concern isn't unfounded. Karnataka alone saw 83 EV fire incidents last year—most involving two-wheelers, according to news reports. EV adoption is also hampered by poor infrastructure. Also read | EVs hit with falling resale value as consumer demand cools The Deloitte study found that only 44% of consumers have dedicated access to home charging, while 41% have no access at all. Public charging infrastructure is limited, and there is no unified charging port system yet, further complicating EV adoption in India.
