A91 Partners Invests INR 300 Cr In Modular Furniture Maker Spacewood

Wooden Street Secures $30 Mn To Add New Category Offerings

SUMMARY

Spacewood Furnishers has raised INR 300 Cr (about $33.8 Mn) from A91 Partners, valuing the company at around INR 1,200 Cr (about $135.3 Mn)

The investment gives A91 Partners a significant minority stake and will help Spacewood expand its retail presence, upgrade technology, and strengthen operations

Spacewood claims to operate one of India’s largest integrated furniture factories. The company runs 35+ stores across 20+ cities and has a dealer network of 500+ partners in 150 towns

Nagpur-based modular furniture company Spacewood Furnishers has raised INR 300 Cr (about $33.8 Mn) from A91 Partners, valuing the company at around INR 1,200 Cr (about $135.3 Mn).

The investment gives A91 Partners a significant minority stake and will help Spacewood expand its retail presence, upgrade technology, and strengthen operations, the company said in a statement.

Founded in 1996 by Kirit Joshi and Vivek Deshpande, Spacewood manufactures modular kitchens, wardrobes, home furniture, doors, and office furniture under its Spacewood Office Solutions (SOS) brand. In 2011, Nitin Sudame joined the company to lead its office furniture division.

Spacewood claims to operate one of India’s largest integrated furniture factories. The company runs 35+ stores across 20+ cities and has a dealer network of 500+ partners in 150 towns. It plans to grow this to 100 stores nationwide while boosting sales via online channels like Amazon and Pepperfry.

Apart from offline and third-party channels, the company also sells products on its website.

Spacewood’s B2B arm serves clients such as Accenture, Capgemini, HDFC, and Adani Group,

while its Sumai Doors division supplies to over 200 developers, including Godrej Properties, DLF, Lodha, and M3M.

In the statement, Spacewood said it expects to post group revenue of around INR 700 Cr in FY26 and is aiming for 25-30% annual growth over the next five years. Its revenue reportedly stood at INR 600 Cr in FY24.

The funding comes at a time when India’s online furniture market is in a state of flux. Earlier this week, TCC Concept announced plans to acquire Pepperfry, once valued at $350 Mn (INR 3,100 Cr), in a distress deal worth about INR 660 Cr.

Pepperfry’s aggressive push into offline studios, celebrity-led marketing, and costly warehousing strained its finances, while competitors such as Ikea and Wakefit, both of which operate integrated manufacturing models, gained ground by offering better prices and faster delivery.

Urban Ladder also faced similar fate, with Reliance acquiring a 96% stake in it.