Plans to Strengthen Market Presence in Metro, Tier 2 & 3 Cities with B2C Transition
Nagpur, India – 20th Nov ‘24 – Spacewood Furnishers, a leading name in modular furniture solutions, has unveiled its strategic growth plan to achieve a revenue milestone of ₹1,500 crore by 2029. With a strong recovery post-fire and a turnover of ₹525 crore for fiscal year 2023-24, Spacewood has maintained an impressive year-on-year growth rate of 18-20%.
The company now aims to bolster its presence in metro, Tier 2, and Tier 3 cities, while transitioning towards a B2C model and expanding its dealer network and Exclusive Brand Outlets (EBO)
Founded in 1996, Spacewood has evolved into one of India’s most recognized furniture manufacturers, known for its premium Modular Furniture, Home Furniture, Pre-Hung Doors, Desking, and Institutional Solutions.
The company has built a strong market presence since inception, as a key partner for leading retail brands like Pepperfry, Amazon, and Flipkart. Now, Spacewood is gearing up for its next phase of growth, focusing on providing accessible, high-quality modular furniture solutions across India.
And this is in alignment of the ongoing market trend in the country. The India furniture market is estimated at USD 23.92 billion in 2024 and is expected to reach USD 34.55 billion by 2029, growing at a CAGR of 7.63% during this period.
This growth is driven by factors such as rising disposable incomes, the expansion of urban dwellings, and the increasing demand for premium and modular furniture.
Also, the sector is going through a transition where small, unorganized businesses who used to dominate the market, are now making way for organized players, creating an environment ripe for companies like Spacewood Furnishers to grow.
This also serves as an opportune time for Spacewood’s aggressive growth plans, which include a transition towards a stronger B2C model, expanding its dealer network, and increasing its presence in underserved markets.
“Our vision for Spacewood’s future is rooted in our commitment to deliver world-class, consumer-first solutions. With an ambitious growth target of ₹1,500 crore by 2029, we are focused on expanding our reach to underserved markets, providing high-quality modular furniture that blends innovation, style, and functionality,” said Mr. Kirit Joshi, Co-Founder of Spacewood Furnishers.
“Our strategy is to make premium, made-in-India products accessible to consumers across the country. We are moving forward with a fresh B2C approach, expanding our dealer network and establishing more EBOs. We aim to position ourselves as market leaders and redefine how furniture solutions are experienced across India.”
Spacewood plans to further accelerate its presence in Tier 2 and Tier 3 cities, enhancing its dealer network from 650 to 1,000 in the next 3-4 years, and expanding its Exclusive Brand Outlets (EB0) from 34 to 75 within the same period, with a long-term goal of reaching 100 outlets by 2029.
These outlets will provide customers with immersive experiences of Spacewood’s premium offerings, aligning with their vision of offering consumer-centric, premium, and accessible furniture solutions for homes, offices, and institutional spaces.
With a growth target of ₹1,000 crore in the next three years and ₹1,500 crore by 2029, Spacewood is positioned to lead the modular furniture industry in India.
Its strategic focus includes a B2C transition while maintaining leadership in the B2B segment, continuing to offer innovative solutions for residential, commercial, and institutional spaces. As the company plans for a 20-30% growth rate over the next 3-5 years, Spacewood remains committed to its vision of providing high-quality, ‘Made in India’ furniture that blends aesthetics, durability, and functionality.
About Spacewood Furnishers Pvt. Ltd.
Founded in 1996 by mechanical engineers Mr. Kirit Joshi and Mr. Vivek Deshpande, Spacewood Furnishers is one of India’s largest and fastest-growing furniture manufacturers, offering a premium range of Modular Furniture, Home Furniture, Pre-Hung Doors, Desking Solutions, and Institutional Solutions.
Headquartered in Nagpur, Maharashtra, the company operates out of a 1 million sq. ft. manufacturing facility and is a preferred contract manufacturer for leading retail brands such as Pepperfry, Amazon, and Flipkart. Spacewood’s journey from a small setup with 10 workers to a market leader employing over 1,500 people reflects its rapid growth and commitment to quality.
Spacewood has recorded an 18% CAGR over the last decade, growing from ₹100 crore to ₹500 crore in revenue. With a presence in every sales channel—including Retail EBO, Government, Corporate, Builders, Dealers, and online platforms—and 34 exclusive brand outlets across India, the company continues to innovate in design and offer end-to-end solutions for both residential and commercial needs.
Recognized for its growth and innovation, Spacewood has been honored with awards from India’s Finance Minister and Maharashtra’s Chief Minister.
Spacewood has also won numerous design awards for its exceptional designs for modular kitchens and wardrobes. Spacewood is known for its ‘Design First’ approach and believes that customers choose design first.
