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Spacewood raises Rs 300 Cr at Rs 1,200 Cr valuation

EntrackrEntrackr · 1d ago
Spacewood raises Rs 300 Cr at Rs 1,200 Cr valuation
Medial

Spacewood raises Rs 300 Cr at Rs 1,200 Cr valuation Modular furniture maker Spacewood Furnishers has raised Rs 300 crore ($36 million) from A91 Partners at a valuation of Rs 1,200 crore ($135 million). The investment gives A91 Partners a minority stake and will support expansion, brand building, and operations. Spacewood plans to scale from 35 exclusive stores to 100 stores across India over the next few years. Founded by Kirit Joshi and Vivek Deshpande, Spacewood manufactures modular furniture for homes and offices. The company works through an omnichannel model with exclusive stores, a dealer network, and online platforms. The company runs a manufacturing facility of about 1 million sq. ft. with panel processing and sheet metal capabilities. Its dealer network covers over 500 partners across 150 towns and cities. In 2011, Nitin Sudame set up the office furniture division under Spacewood Office Solutions (SOS). SOS has supplied office furniture to over 1,000 corporates and developers. Spacewood targets group revenue of Rs 700 crore for FY26. It aims to grow 25–30% annually over the next five years with a focus on profitability. Its clients include Accenture, Capgemini, HDFC, Adani Group, and several educational institutions. Sumai Doors works with over 200 real estate developers, including Godrej Properties, DLF, Lodha, M3M, and Kolte Patil. Spacewood operates in the modular furniture market competing with brands such as Godrej Interio, IKEA, Homelane, Pepperfry, Wurfel, and Urban Ladder.

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Ice cream brand Hocco raises Rs 115 Cr at Rs 2,000 Cr valuation

EntrackrEntrackr · 1m ago
Ice cream brand Hocco raises Rs 115 Cr at Rs 2,000 Cr valuation
Medial

Ice cream brand Hocco raises Rs 115 Cr at Rs 2,000 Cr valuation Premium ice cream brand Hocco has raised Rs 115 crore (around $13 million) in a fresh funding round led by existing backer Sauce.vc, taking the company’s valuation to Rs 2,000 crore. The funding comes less than three months after the firm raised $10 million in its Series B round led by Chona Family Office and Sauce.vc. It had also raised $12 million in its Series A round from the same investors at a valuation of Rs 600 crore ($70 million) in June last year. The fresh proceeds will be used towards expanding manufacturing capacity, strengthening cold-chain and logistics, scaling new product innovation, and extending its footprint across India and select global markets. By summer 2026, Hocco plans to reach 3 lakh litres in daily production capacity, making it one of the largest and most advanced ice cream manufacturing setups in the country. Founded by the Chona family, Hocco offers products across retail stores, quick commerce platforms, and out-of-home touchpoints. Its product line includes various flavours, formats, and packs designed for everyday use and modern retail channels. Hocco has built traction among consumers across retail, quick commerce, and travel-linked outlets through its ingredients, flavours, and distribution models. Hocco recently said it closed FY25 with revenue of Rs 220 crore. However, it did not comment on its loss numbers. According to startup data intelligence platform TheKredible, the company reported revenue of Rs 32.38 crore in FY24 with a Rs 20.23 crore loss. Besides legacy players such as Amul, Vadilal, and Hindustan Unilever (HUL), Hocco competes with new-age ice cream brands such as Walko Foods’ NIC, Hangyo, Go Zero, NOTO Ice Cream, among others.

Udaan raises Rs 300 Cr debt from Lighthouse Canton and others

EntrackrEntrackr · 1y ago
Udaan raises Rs 300 Cr debt from Lighthouse Canton and others
Medial

B2B e-commerce platform Udaan has raised nearly Rs 300 crore (over $35 million) in debt funding from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. This is the first debt round for the Bengaluru-based company in the past year. The new funds are intended to strengthen Udaan’s balance sheet and support its mission of empowering small businesses across India, the company said in a press release. In December 2023, the firm raised a $340 million Series E round led by M&G Plc, with participation from existing equity investors Lightspeed Venture Partners and DST Global. Although this round provided a financial boost to Udaan, its valuation dropped by 59.3%, settling at $1.3 billion, down from a peak valuation of $3.2 billion. According to Udaan, the company is on track to achieve profitability, reporting a 60% increase in revenue and more than a 50% rise in daily transacting buyers in 2024. Udaan also claimed a 30% reduction in absolute EBITDA burn in the current calendar year. The eight-year-old company operates a marketplace across several categories, including lifestyle, electronics, home and kitchen, staples, fruits and vegetables, FMCG, pharma, toys, and general merchandise. It claims to have a network of over 3 million retailers across 900 cities. Udaan has been actively cutting costs over the past year, as evidenced by layoffs. In December 2023, the company let go of more than 100 employees. While Udaan has yet to disclose its FY24 numbers, its gross revenue (GMV) dropped by 43.1% to Rs 5,629 crore in FY23, down from Rs 9,900 crore in FY22. However, its losses also narrowed by 33.7%, from Rs 3,132 crore in FY22 to Rs 2,076 crore in FY23.

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