Furnishka Bags INR 27 Cr Funding From IndiaQuotient, Others

SUMMARY

Furnishka has raised INR 27 Cr ($3.25 Mn) in a Pre-Series A round led by IndiaQuotient, bringing its total funding to INR 45 Cr ($5.42 Mn)

The Bengaluru-based startup plans to use the funds for product development, supply chain improvements, and expansion to new locations

The funding comes as the Indian furniture market is projected to reach $29.86 Bn by 2029, with major players like Godrej Interio, IKEA, Pepperfry, and Urban Ladder also announcing expansion plans

Furniture retailer Furnishka has secured INR 27 Cr ($3.25 Mn) as a part of its Pre-Series A funding round led by IndiaQuotient.

The round also saw participation from Sparrow Capital and a host of angel investors, including Udaan cofounder Sujeet Kumar and Livspace cofounder Ramakant Sharma.

The company plans to deploy the fresh proceeds to advance its product design and development, boost manufacturing and supply chain capabilities and expand into new locations.

So far, the Bengaluru-based startup claims to have raised INR 45 Cr ($5.42 Mn) in total funding.

Launched by Spinny cofounder Ganesh Pawar last year, Furnishka aims to address challenges in India’s home furnishing market. The company operates both online and offline stores in Bengaluru, offering over 1,000 SKUs and customizable designs.

Anand Lunia, partner at IndiaQuotient, said, “Furnishka’s expertise in logistics and customer-centric approach creates the ideal synergy to build a large-scale, omnichannel furniture retail chain. The team’s approach to supply chain management and their focus on affordable, high-quality furniture positions them well to capture this market.”

This comes at a time when the Indian furniture market is witnessing a significant growth. According to Mordor Intelligence, the Indian furniture market is estimated to reach a size of $29.86 Bn by 2029.

In the broader furniture retail landscape, several companies have announced expansion plans. Godrej Interio plans to open 104 new stores in fiscal year 2025, projecting 20% growth. IKEA aims to electrify all deliveries in India by 2025.

Online furniture brands, Pepperfry and Urban Ladder are also expanding their reach. Pepperfry is targeting double-digit growth in 2024-25 by expanding its product portfolio and entering Tier I and II cities while Urban Ladder had plans to double its retail store presence from 32 cities in 2024.