Bengaluru-based furniture retailer, Furnishka, has secured ₹27 crore in pre-series A funding, led by India Quotient. This latest round takes the company’s total raised capital to ₹45 crore. Additional investors include Sparrow Capital, alongside angel investors like Sujeet Kumar, cofounder of Udaan, and Ramakant Sharma, cofounder of Livspace.
The infusion of funds will be directed toward advancing product innovation and enhancing supply chain operations, as well as expanding into new regions. Furnishka is set to broaden its product lines with a focus on premium furniture for living rooms, dining rooms, and bedrooms. Moreover, the company plans to open six large-format stores and develop educational resources to assist customers in making informed purchases.
Established in 2023 by Ganesh Pawar, cofounder of Spinny, Furnishka aims to address inefficiencies in India’s furniture industry, such as long delivery times, high costs, and inconsistent service standards. With both an online platform and physical stores, the company currently offers over 1,000 stock-keeping units (SKUs) to its customers.
Furnishka is already serving a customer base of over 10,000 people and currently operates four large-format stores in Bengaluru. According to Ganesh Pawar, the company’s localized production strategy and optimized supply chain have allowed them to significantly lower operational costs. This approach enables Furnishka to offer entry-level products at prices 20% below the market average and premium products at discounts of 30-40% compared to competitors.
India’s furniture market is expected to see significant growth, projected to increase from $24.47 billion in 2023 to $64.39 billion by 2032, with an annual growth rate of 11.35%, according to a report by Research and Markets.
Furnishka’s strategic growth comes as competitors like Pepperfry and Urban Ladder continue to make moves in the furniture sector, along with major e-commerce players like Amazon India and Flipkart. Anand Lunia, a partner at India Quotient, noted the increasing demand for stylish, affordable furniture, particularly among urban consumers who are placing a growing emphasis on home aesthetics.