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Spacewood Furnishers, a modular furniture manufacturer, has raised Rs 300 crore ($33.8 million) from private equity firm A91 Partners to accelerate expansion and strengthen operations. The investment values the Nagpur-headquartered company at around Rs 1,200 crore and gives A91 a significant minority stake. With the funding, Spacewood said it will focus on technology upgrades, automation, and talent acquisition to enhance profitability. The company also intends to invest in advanced manufacturing processes and product innovation to meet rising demand from design-conscious consumers, particularly in the fast-growing modular kitchen and workspace markets Co-founder and Director Kirit Joshi said the deal will help the company deepen its capabilities as it scales up. “We are excited to have A91 Partners on board. Beyond capital, they bring deep experience in scaling consumer brands, which will be invaluable as we embark on our next growth phase,” Joshi said in a statement. Founded in 1996 by Joshi and Vivek Deshpande, Spacewood manufactures modular kitchens, wardrobes, home furniture, and pre-hung doors. The company expanded into the office furniture segment in 2011 under Spacewood Office Solutions, led by Nitin Sudame. For FY26, Spacewood expects to generate about Rs 700 crore in revenue. Spacewood operates a 1-million square foot integrated manufacturing facility and runs more than 35 exclusive stores in over 20 cities, supported by a 500-strong dealer network across 150 towns. It plans to expand its footprint to 100 stores in the coming years and strengthen its online presence through Amazon and Pepperfry. The company’s enterprise business serves clients including Accenture, Capgemini, HDFC, and Adani Group, as well as developers such as Godrej Properties, DLF, Lodha, and M3M. “We plan to expand to Tier II cities in the coming years,” Sudame said. A91 Partners, which focuses on consumer and growth-stage businesses in India, said the partnership aligns with its strategy of backing category leaders. “We are looking forward to the opportunity to partner with Kirit, Vivek, and Nitin in further building a dominant company in the large and growing market of home and office improvement,” added Abhay Pandey, Partner at A91 Partners. (Edited by Kanishk Singh)
