Spacewood has received a ₹300-crore investment from A91 Partners.

The investment from A91 Partners’ $665-million third AIF gives the PE firm a significant minority stake in Spacewood, which plans to expand its retail network and strengthen its brand presence

Private equity firm A91 Partners has invested Rs 300 crore in Spacewood Furnishers, a modular furniture manufacturer based in Nagpur. The deal—comprising both primary and secondary components—values the company at around Rs 1,200 crore.

What does A91’s investment in Spacewood signify?

A91’s investment has been made through a Category-II Alternative Investment Fund (AIF) structure and marks one of the early deployments from its third fund, which closed in April with commitments of $665 million. Known for backing high-growth consumer businesses, A91’s portfolio firms that have gone public include Niva Bupa Health Insurance and Go Digit General Insurance, while Aye Finance is also expected to go public soon.

The investment gives A91 Partners a significant minority stake in Spacewood. The furniture maker will use the funds to accelerate expansion, strengthen its brand, and deepen its presence in India’s growing home improvement market, which continues to benefit from rising consumer aspirations.

How will Spacewood use the funds?

“Beyond capital, they bring deep experience in scaling consumer brands, which will be invaluable as we embark on our next growth phase,” said Kirit Joshi, co-founder and director of Spacewood.

Founded in 1996 by Kirit Joshi and Vivek Deshpande, Spacewood is a leading player in the organised modular furniture segment catering to both residential and commercial clients. The company operates a one-million sq. ft. integrated manufacturing facility equipped with advanced panel and sheet metal processing technologies. Its product range includes modular kitchens, wardrobes, home and office furniture, and doors under the SOS brand.

What are Spacewood’s growth plans for FY26 and beyond?

For FY26, Spacewood expects consolidated revenues of around Rs 700 crore and is targeting 25–30 per cent annual growth over the next five years, supported by profitability.

The company plans to utilise the new capital for technology upgrades, automation, talent acquisition, and retail expansion. Spacewood currently operates over 35 exclusive stores across 20 cities and has a dealer network of more than 500 partners in 150 towns. It aims to grow its retail footprint to 100 stores nationwide and strengthen its omnichannel presence through platforms such as Amazon and Pepperfry.