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Online furniture and home decore platform <keyword id="8080156" type="General" weightage="100" keywordseo="woodenstreet" source="Orion">WoodenStreet</keyword> on Wednesday said it has raised $30 million (nearly Rs 230 crore) led by <keyword id="678811" type="General" weightage="80" keywordseo="westbridge-capital" source="Orion">WestBridge Capital</keyword> at Rs 1,200 crore valuation. So far, it is the largest funding raised by any vertical furniture player for the year in India, said the startup that has over 50 experience stores in major cities and claims to serve more than 15 lakh customers. Founded in 2015 by Lokendra Singh Ranawat, <keyword id="13725267" type="General" weightage="50" keywordseo="virendra-ranawat" source="Orion">Virendra Ranawat</keyword>, Dinesh <keyword id="237740" type="General" weightage="50" keywordseo="singh-rathore" source="Orion">Singh Rathore</keyword> and Vikas Baheti, WoodenStreet had previously closed series A funding of $3 million from IAN and RVCF (Rajasthan venture capital funds). "We focus on design and innovation, enabling functional and designer items at affordable price," said Ranawat, co-founder and CEO. The Jaipur-based startup plans to open 200 stores in the next two years, and onboard close to 3,000 home decor brands. WoodenStreet also operates six manufacturing and R&amp;D facilities. "WoodenStreet has grown 100 per cent (on-year) in the past three years while maintaining profitability at net level, and we plan to achieve a turnover of Rs 600 crore in the next two years with this fund raise," said Rathore. The latest capital will be utilised to fund new market expansion, further development of the technology platform, expansion of supply chain and creation of new category offering, according to the startup. "We are impressed by WoodenStreet's ability to scale capital efficiently in a strategic consumer category," said <keyword id="175879" type="General" weightage="50" keywordseo="sandeep-singhal" source="Orion">Sandeep Singhal</keyword>, co-founder of WestBridge Capital. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/every-7-in-10-global-cios-say-it-budgets-will-increase-as-digital-transformation-gains-prominence-post-covid/slidelist/91123525.cms">Every 7 in 10 global CIOs say IT budgets will increase as digital transformation gains prominence post-Covid</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-ai-algorithm-predicts-your-first-impressions-based-on-your-facial-expressions/articleshow/91121558.cms">This AI algorithm predicts your first impressions based on your facial expressions</a>

Furniture and home decore startup WoodenStreet raises $30 million led by WestBridge Capital

<ul><li>Online furniture startup <keyword id="8080156" type="UNKNOWN" weightage="20" keywordseo="WoodenStreet">WoodenStreet</keyword> is rolling out measures like touch-free store policy, <keyword id="6369781" type="UNKNOWN" weightage="20" keywordseo="virtual-reality">virtual reality</keyword> and 3D services and sanitized supply chain. </li><li>The startup said that it will invest $500,000 (₹38 million) on its stores for the post-Coronavirus world. </li><li>This includes virtual contact-less services, virtual reality walkthroughs of a customer’s home via smartphones. </li><li>To regulate supply chains, it will train the artisans and delivery teams as per the <keyword id="240176" type="PERSON" weightage="20" keywordseo="sanitization">sanitization</keyword> standards. </li></ul>As people adopt social distancing, online furniture startup WoodenStreet is rolling out measures like touch-free store policy, virtual reality and 3D services and a sanitized supply chain. The startup said that it will invest $500,000 (₹38 million) on its stores in the post-Coronavirus world. “Given how COVID-19 has virtually changed everyone’s behaviour and lifestyle, we want to assure customers of their safety and of our employees so that they feel confident while shopping,” said <keyword id="8080157" type="PERSON" weightage="20" keywordseo="Lokendra-Ranawat">Lokendra Ranawat</keyword>, WoodenStreet’s CEO. This includes virtual contact-less services, virtual reality walkthroughs of a customer’s home via smartphones, sanitization of all its furniture stores and increased use of digital payment methods. “Implementation of virtual store tools and VR modules will reduce person-to-person interaction. Customers can experience virtual store walkthroughs or products from within their homes,” Ranawat said. To regulate supply chains, it will train the artisans and delivery teams as per the sanitization standards — including disinfection of manufacturing facilities, warehouses and delivery vehicles, temperature screenings, touch-free delivery. It’s been a month since the startup closed store operations due to the nationwide lockdown. However, as the infection rates seem to be slowing down in several districts, the company is now planning to open a few of its stores in the green zones. <div type="image" title="IMG 1" msid="75320673" hostid="261"></div> WoodenStreet is now planning to operate with limited staff at a reduced capacity of 25-30%, allowing only essential employees. While other staff workers can work remotely. The startup says it will entertain only two families within the store at a time, keeping social distancing norms in mind. The staff and customers will not be allowed to enter without masks. “COVID-19 presents a new avenue of change, where new social norms cannot be taken lightly. Masks and social distancing are here to stay for the long run, and we are ready to embrace these norms,” said Ranawat. See also: <a href="https://www.businessinsider.in/india/news/the-ceo-of-54-billion-mahindra-mahindra-pawan-goenka-says-these-four-things-will-be-normal-in-the-post-covid-world/articleshow/75316936.cms?upcache=2">The Managing Director of $54 billion Mahindra &amp; Mahindra, Pawan Goenka, says these four things will be ‘normal’ in the post- COVID world</a> <a href="https://www.businessinsider.in/india/news/home-delivery-of-alcohol-is-illegal-anyone-telling-you-otherwise-is-probably-trying-to-run-a-scam/articleshow/75315790.cms">Home delivery of alcohol is illegal — anyone telling you otherwise is probably trying to run a scam</a>

This furniture startup is investing half a million dollars on virtual reality and contactless shopping in a post-Coronavirus world

<keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> investors are likely to lose up to $545 million this year, owing to various reasons like forgetting passwords to their wallets or making a mistake in recording their "seed phrases", according to a new report. A seed phrase is a series of words generated by your <keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">crypto</keyword>currency wallet that give you access to the crypto associated with that wallet. Analysts have estimated that at least 20 per cent of all Bitcoin is lost and that the majority of those funds are irretrievably lost. According to new research from CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year. "Crypto gets lost for a host of reasons: People forget the passwords to their wallets; people make a mistake in recording their seed phrases and some die without giving adequate instructions for how to access their funds," according to the report. "However, this does not include Bitcoin lost to scams or theft. "While such funds are lost to the original wallet holder, they are not lost to the total money supply of Bitcoin. Those funds will likely continue to circulate," the report noted. People also unintentionally (or occasionally intentionally) send crypto to a burn address, or to an address on a different network, and lose it. A new Bitcoin block reward is issued every 10 minutes, and in 2022, the block reward is 6.25 Bitcoin. The block reward will halve again in 2024, to 3.125 BTC/ block reward. "Since there are 525,600 minutes in a year, and a block reward is issued every 10 minutes, 52,560 block rewards or 328,500 <keyword id="61972" type="General" weightage="80" keywordseo="btc" source="Orion">BTC</keyword> will be issued in 2022," the report noted. "It's clear that the vast majority of the approximately 3.8 million lost Bitcoin were lost early in the blockchain's history, before it had any economic value. Given that between 2-4 per cent of the 328,500 Bitcoin mined in 2022 is likely to get lost, somewhere between 6,570-13,140 Bitcoin are likely to get lost. "When Bitcoin's price is approximately $41,500, this means that between $272 million and $545 million in Bitcoin alone is likely to be removed from the Bitcoin money supply in 2022," the report claimed. Bitcoin's price on Wednesday fell below $40,000 as other major cryptocurrencies were trading in the red, according to Coindesk data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/furniture-and-home-decore-startup-woodenstreet-raises-30-million-led-by-westbridge-capital/articleshow/91125277.cms">Furniture and home decore startup WoodenStreet raises $30 million led by WestBridge Capital</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/this-ai-algorithm-predicts-your-first-impressions-based-on-your-facial-expressions/articleshow/91121558.cms">This AI algorithm predicts your first impressions based on your facial expressions</a>

Investors likely to lose almost $545 million worth Bitcoin in 2022 by forgetting passwords and various other mistakes, suggests report

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Furniture and home decore startup WoodenStreet raises $30 million led by WestBridge Capital

IANS

This furniture startup is investing half a million dollars on virtual reality and contactless shopping in a post-Coronavirus world

Prerna Sindwani

Investors likely to lose almost $545 million worth Bitcoin in 2022 by forgetting passwords and various other mistakes, suggests report

IANS

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