Spacewood Secures ₹300 Cr from A91 Partners to Accelerate Modular Furniture Expansion

Spacewood Furnishers Pvt. Ltd. (“Spacewood”), India’s leading modular furniture manufacturer and brand, has raised ₹300 crore in funding from A91 Partners, a marquee private equity firm focused on building consumer and growth-stage businesses in India.

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 strengthening.

Speaking on the development, Mr. Kirit Joshi, Co-founder and Director, Spacewood, said: “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.”

Adding his perspective on the investment, Mr. Abhay Pandey, Partner at A91 Partners, said, “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.”

Founded in 1996 by Mr. Kirit Joshi and Mr. Vivek Deshpande, Spacewood has established itself as one of the most trusted names in India’s organised furniture sector. In 2011, Mr. Nitin Sudame joined as the founder of Spacewood Office Solutions (SOS), leading the company’s expansion into the office furniture segment.

With a focus on design innovation, durability, and craftsmanship, Spacewood has built a strong reputation as a full-home modular solutions provider.

For FY26 (estimated), the company expects to achieve group revenues of approximately ₹700 crore. With A91 Partners’ backing, Spacewood aims to accelerate its revenue trajectory, targeting 25–30% annual growth over the next five years with a focus on profitability. The funding will support technology upgrades, process automation, and talent acquisition to strengthen its operations and retail presence.

Spacewood operates one of India’s largest integrated furniture manufacturing facilities, spanning over 1 million sq. ft. and equipped with state-of-the-art panel and sheet metal processing technologies. Its diverse product portfolio covers modular kitchens, wardrobes, home furniture, pre-hung doors, and office furniture under the SOS brand.

Currently, Spacewood has 35+ exclusive stores across 20+ cities and a dealer network of 500+ partners in 150 towns and cities. It plans to expand to 100 stores nationwide in the next few years, further strengthening its omnichannel presence through platforms such as Amazon and Pepperfry.

Its enterprise business serves India’s largest corporates and real estate developers. The Spacewood Office Solutions division has delivered workplace solutions for more than 1000+ corporates with leading names such as Accenture, Capgemini, HDFC, and Adani Group. Besides, it works with leading educational institutions for their furniture. “We plan to expand to Tier 2 cities in the coming years,” said Nitin Sudame.

Meanwhile, its Sumai Doors division partners with 200 + developers in India with leading names such as Godrej Properties, DLF, Lodha, M3M, Kolte Patil, and more, reinforcing its credibility in the B2B space.

With this investment, Spacewood will continue to strengthen its leadership in the mass-premium and premium furniture categories, catering to design-conscious consumers seeking modern, functional, and aesthetic living solutions

Smart-Fan maker Atomberg Technologies, Raises $10 Mn in Series A led by A91 Partners

Mumbai headquartered Atomberg Technologies, India’s leading energy-efficient smart fans maker and hardware product company, has announced a Series A fund raise of $10 million led by A91 Partners. This round of funding also includes the Whiteboard Capital Fund, the early stage fund founded by Sandeep Tandon(serial entrepreneur & Co-founder of Freecharge), and Survam Partners(Suman Kant Munjal family office). The company has previously raised a total of $2.5 million till date from IDFC Parampara and Survam Partners.

The fresh funds will be used for amplifying distribution networks across all metro and non- metro cities and doubling down the existing R&D team to strengthen the IP further and develop a competitive and differentiated product pipeline targeted at the evolving Indian consumer. The company also plans to expand the current product portfolio to include more products built on the core value proposition of BLDC and motor technology.

The hardware and IoT startup ecosystem in India, incentivised by the current Government’s Make in India program, has been witnessing an overwhelming boom in the last five years. With a deep focus on delivering unconventional and innovative technology to a traditional segment, players like Atomberg Technologies are actively contributing to the positioning of India as a ‘product-manufacturing’ nation.

Commenting on this announcement, Manoj Meena, CEO & Co-Founder of Atomberg Technologies said, “ Initially, the strengthening of the hardware startup ecosystem in India had its own set of challenges: comprising of setting up capital-heavy manufacturing units, organising the fragmented distribution channels and building the right trust with businesses and consumers. At Atomberg Technologies, our strong commitment to deliver unique innovation and technology helped us stay differentiated and ahead in the category, while simultaneously contributing to the growth of the sector in all possible ways. We have been innovating not only at the product level, but have also taken a lead in the digital space and have become one of the top brands in the category in e-commerce. We have successfully scaled up to an annual revenue run rate of Rs 100 crores in the consumer space and are bullish about expansion to all metro and non-metro cities this year.” 

“We are excited to partner with A91 Partners as they have had a lot of experience in helping scale up multiple consumer businesses in India. With Sandeep, who is an expert in electronics 

manufacturing, we are happy to use his knowledge to streamline and expand our manufacturing expertise. Extremely thrilled and excited for the next phase of growth.” added Manoj. 

A91 Partners, a new VC fund founded by former partners at Sequoia Capital India, aims at focusing on aspirational entrepreneurs and high-growth startups across technology, consumer durables, healthcare and financial services.

“We believe in partnering with exceptional founders building the next generation of enduring Indian businesses. Atomberg has done a fabulous job in disrupting a traditional category which had not seen a lot of innovation. They are solving real consumer problems and catering to an evolving set of Indian consumers who demand the best products. And because of their technology strength and current market position, they are well positioned to build a strong brand in the household appliances category. We are very excited to help them in this journey”, said Abhay Pandey, co-founder of A91 partners

Atomberg’s smart ‘Gorilla’ range of fans are helping Indian households to save up to 65% electricity and 1500-2000 INR per year/fans, by just consuming 28W power in full speed. Atomberg has successfully established itself across cities like Mumbai, Pune, Delhi, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad markets, and has over 300 service centres.With more than four lakh fans installed across the country, they have already touched more than a million lives till now in the country.

About Atomberg Technologies 

Atomberg is a smart and efficient motor based home appliance company and is focused on making the lives of Indian consumers better through innovation and technology. They manufacture India’s most energy-efficient fans known as ‘Gorilla’ fans.

The company was co-founded by Manoj Meena and Sibabrata Das (IIT-Bombay graduates), prior experience in BLDC technology led them to enter into the ceiling fans industry in 2015. They later raised $1.5 Mn Pre-Series A funding in 2016 from IDFC Parampara.

The company takes pride in its R&D capabilities, innovation & technology and it’s a commitment to create revolutionary products for the evolved new age consumer. It has a fully integrated manufacturing facility at Navi Mumbai with a capacity of 100000 fans/month and over 300 service centres across India.

The company has been recognised by the current Prime Minister, Narendra Modi and Niti Aayog as ‘Champions of Change’ in the startup ecosystem. It has also won 'Global CleanTech Innovation Program' in Energy Efficiency category organised by 'United Nations Industrial Development Organisation' (UNIDO).

Former Sequoia Capital India's MDs To Launch ₹2000 Crore Investment Firm

VT Bharadwaj and Gautam Mago, two former managing directors of India unit of Silicon Valley's top venture capital fund Sequoia Capital, have teamed up to launch a new Rs 2,000 crore (~ $290 million) investment firm, which will back early- to growth-stage private companies, reported Times of India citing people privy to the development.

According to the report, the new investment firm called as 'A91 Partners' will invest in emerging start-up ventures across consumer, healthcare, financial services and technology sectors. The upcoming firm aim to start making investments by early 2019 with ticket size of $10-30 million, typically at the series-B stage.

Bharadwaj, who had worked for over decade at Sequoia Capital India, quit the firm in April this year, hinting that he is about to pursue his entrepreneurial aspirations. Prior to this, Gautam Mago had already resigned from the VC firm.

Confirming the report, Bharadwaj said to TOI, “Gautam and I believe this is the right time for us to be embarking on an entrepreneurial journey in the investment business. We want to be active meaningful long-term partners in the best emerging small- and mid-sized private companies in India.”

An IIM-Ahmedabad alumni, Bharadwaj had previously worked with McKinsey & Company as an engagement manager for six years till 2007. He currently serves on the board of 14 companies including Genesis Colours, Indigo Paints, Hector Beverages, RAW Pressery, Urban Ladder, Healthkart, among others.

In 2011, a similar intance took place when four founding MDs of the Sequoia Capital India unit -- Sumir Chadha, K P Balaraj, Sandeep Singhal and S K Jain -- relaunched WestBridge Capital, a public markets fund which focuses on investments in India. Later in March this year, it was reported that while KP Balaraj retired, SK Jain is planning to start his own family office to back new-age entrepreneurs.

In 2016, three senior executives from Helion Venture Partners — Ritesh Banglani, Alok Goyal and Rahul Chowdhri — came together to start Stellaris Venture Partners, a technology-focused fund. Others like Rishi Navani, co-founder & MD at Matrix Partners, quit to launch Epiq Capital. Helion Venture Partners’ founding partner Kanwaljit Singh formed Fireside Ventures. SAIF Partners also saw two of its fund managers, Mukul Singhal and Rohit Jain, leave to launch Pravega Ventures in 2016.

Earlier this month, Sashi Parvatha Reddi, a veteran entrepreneur and angel investor, launched of $100 Mn early-stage venture capital fund - SRI Capital Fund-I, his first technology-focused fund.

In this same month, Ganesh Ventures, set up by Jessica Wong (former founding partner, Cyber Carrier, a Hong Kong based VC) announce $250 million fund for investing in Indian Startups. The Fund aims to invest this amount in Indian startups across sectors like TMT, consumer products, fintech and health-tech over the next 3-5 years. The first close has been at $30 million

Former Sequoia Capital India's MDs To Launch ₹2000 Crore Investment Firm

VT Bharadwaj and Gautam Mago, two former managing directors of India unit of Silicon Valley's top venture capital fund Sequoia Capital, have teamed up to launch a new Rs 2,000 crore (~ $290 million) investment firm, which will back early- to growth-stage private companies, reported Times of India citing people privy to the development.

According to the report, the new investment firm called as 'A91 Partners' will invest in emerging start-up ventures across consumer, healthcare, financial services and technology sectors. The upcoming firm aim to start making investments by early 2019 with ticket size of $10-30 million, typically at the series-B stage.

Bharadwaj, who had worked for over decade at Sequoia Capital India, quit the firm in April this year, hinting that he is about to pursue his entrepreneurial aspirations. Prior to this, Gautam Mago had already resigned from the VC firm.

Confirming the report, Bharadwaj said to TOI, “Gautam and I believe this is the right time for us to be embarking on an entrepreneurial journey in the investment business. We want to be active meaningful long-term partners in the best emerging small- and mid-sized private companies in India.”

An IIM-Ahmedabad alumni, Bharadwaj had previously worked with McKinsey & Company as an engagement manager for six years till 2007. He currently serves on the board of 14 companies including Genesis Colours, Indigo Paints, Hector Beverages, RAW Pressery, Urban Ladder, Healthkart, among others.

In 2011, a similar intance took place when four founding MDs of the Sequoia Capital India unit -- Sumir Chadha, K P Balaraj, Sandeep Singhal and S K Jain -- relaunched WestBridge Capital, a public markets fund which focuses on investments in India. Later in March this year, it was reported that while KP Balaraj retired, SK Jain is planning to start his own family office to back new-age entrepreneurs.

In 2016, three senior executives from Helion Venture Partners — Ritesh Banglani, Alok Goyal and Rahul Chowdhri — came together to start Stellaris Venture Partners, a technology-focused fund. Others like Rishi Navani, co-founder & MD at Matrix Partners, quit to launch Epiq Capital. Helion Venture Partners’ founding partner Kanwaljit Singh formed Fireside Ventures. SAIF Partners also saw two of its fund managers, Mukul Singhal and Rohit Jain, leave to launch Pravega Ventures in 2016.

Earlier this month, Sashi Parvatha Reddi, a veteran entrepreneur and angel investor, launched of $100 Mn early-stage venture capital fund - SRI Capital Fund-I, his first technology-focused fund.

In this same month, Ganesh Ventures, set up by Jessica Wong (former founding partner, Cyber Carrier, a Hong Kong based VC) announce $250 million fund for investing in Indian Startups. The Fund aims to invest this amount in Indian startups across sectors like TMT, consumer products, fintech and health-tech over the next 3-5 years. The first close has been at $30 million