Bengaluru-based furniture retailer Furnishka has raised ₹270 million in a pre-Series A funding round led by India Quotient, bringing the total funds raised to ₹450 million. The round also saw participation from Sparrow Capital and angel investors, including Udaan co-founder Sujeet Kumar and Livspace co-founder Ramakant Sharma.
The company plans to use the fresh capital to enhance product design and development, improve manufacturing and supply chain operations, and explore expansion into new regions. Additionally, Furnishka intends to broaden its premium furniture offerings in the living room, dining room, and bedroom categories. Six new large-format stores are expected to be opened, and educational content will be developed to assist customers in making informed choices.
Founded in 2023 by Ganesh Pawar, who also co-founded the used car marketplace Spinny, Furnishka addresses common challenges in India’s home furnishing market, such as long delivery times, high prices, and inconsistent service quality. The company currently operates both online and offline, offering over 1,000 stock-keeping units (SKUs) in Bengaluru.
As of now, the company serves over 10,000 customers and operates four large-format stores in Bengaluru. According to Ganesh Pawar, optimising the supply chain is crucial to meeting growing customer demand. By standardising components and localising production, the company has managed to significantly reduce operational costs without compromising on quality. This strategy has enabled Furnishka to offer products at competitive prices, with entry-level items priced 20% below the market average and premium options 30-40% cheaper than competitors.
A report from Research and Markets estimates that India’s furniture market will grow to $64.39 billion by 2032, up from $24.47 billion in 2023, with a compound annual growth rate (CAGR) of 11.35% from 2024 to 2032.
Notable competitors in the market include Reliance-owned Urban Ladder, Amazon India, and Flipkart.
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By Ravi Kumar