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Spacewood Furnishers, a leading modular furniture manufacturer, has raised ₹300 crore from the private equity firm A91 Partners for business expansion. The investment gives A91 Partners a significant minority stake in Spacewood and will fuel the company’s next phase of expansion, brand-building and operational efficiency. Kirit Joshi, co-founder and Director, Spacewood said the company plans to enhance the retail outlets to 80-100 stores from 36 stores over 3 years. The company has a manufacturing unit in Nagpur and close to one million sq ft of land with half of it already developed. “The upcoming manufacturing expansion will also be in Nagpur, and will include new technologies and process automation,” he said. The company expects the revenue to increase from about ₹700 crore in this fiscal to ₹1,200 crore over the next three years. Spacewood has over 35 exclusive stores across 20 cities and a dealer network of 500 partners in 150 towns and cities. It plans to further strengthen its omnichannel presence through platforms such as Amazon and Pepperfry. Joshi said while the competition has been increasing, Spacewood has over 30 years of experience and has deep understanding of the market compared to newer entrants, he added. Abhay Pandey, Partner at A91 Partners said the fresh investment will help the company strengthen its manufacturing base and expand consumer and retail business. “The company has scaled efficiently, without consuming excessive capital — which aligns with our philosophy of investing in capital-efficient businesses,” he said. A91 Partners has made around 30 investments, deploying roughly ₹7,500 crore through two funds of $900 million. Spacewood will be the second investment from the third fund of $665 million. “Our funds have a 10-year tenure and we typically hold investments for 6–7 years. We target a 30 per cent return on our investments, though actual outcomes can vary,” said Pandey. Its enterprise business, Spacewood Office Solutions division, has delivered workplace solutions for over 1,000 corporates including Accenture, Capgemini, HDFC and Adani Group. Meanwhile, its Sumai Doors division partners with 200 developers including Godrej Properties, DLF, Lodha, M3M, Kolte Patil, and more, reinforcing its credibility in the B2B space. Published on November 5, 2025
