A91 Partners Invests INR 300 Cr in Modular Furniture Maker Spacewood at INR 1,200 Cr Valuation The funding gives A91 Partners a minority stake and will help Spacewood strengthen its operations, expand its retail presence, and enhance brand visibility.
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Modular furniture manufacturer Spacewood Furnishers has secured INR 300 crore (about USD 36 million) from A91 Partners at a valuation of INR 1,200 crore (USD 135 million).
The funding gives A91 Partners a minority stake and will help Spacewood strengthen its operations, expand its retail presence, and enhance brand visibility.
Founded in 1996 by Kirit Joshi and Vivek Deshpande, Spacewood is headquartered in Nagpur. The company manufactures a wide range of modular furniture for homes and offices, including kitchens, wardrobes, home furniture, pre-hung doors, and office furniture under its Spacewood Office Solutions brand.
In 2011, Nitin Sudame joined as the founder of Spacewood Office Solutions, leading the company's expansion into the office furniture market.
Currently, Spacewood operates more than 35 exclusive stores across 20 cities and has a dealer network of over 500 partners in 150 towns. The company plans to expand its presence to 100 stores nationwide in the coming years while further building its omnichannel model through collaborations with online platforms such as Amazon and Pepperfry.
Spacewood's enterprise business provides furniture solutions to large corporations and real estate developers. Its Spacewood Office Solutions division claims to have delivered workplace projects for more than 1,000 corporates, including Accenture, Capgemini, HDFC, and the Adani Group. It also works with leading educational institutions and aims to expand into tier II cities in the near future.
The company's Sumai Doors division serves over 200 developers across India, including Godrej Properties, DLF, Lodha, M3M, and Kolte Patil. This strengthens its position in the B2B segment.
For the financial year 2026, Spacewood expects group revenues of around INR 700 crore. With A91 Partners' investment, the company aims to achieve annual growth of 25 to 30 percent over the next five years. The funds will be used for technology upgrades, process automation, and talent acquisition to improve efficiency and customer experience.
Spacewood competes with brands such as Godrej Interio, IKEA, Homelane, Pepperfry, Wurfel, and Urban Ladder. The company plans to further establish its presence in the premium and mass-premium furniture categories, catering to consumers seeking modern and functional living solutions.
