India, Nov. 5 -- Nagpur-based modular furniture company Spacewood Furnishers has raised INR 300 Cr (about $33.8 Mn) from A91 Partners, valuing the company at around INR 1,200 Cr (about $135.3 Mn).

The investment gives A91 Partners a significant minority stake and will help Spacewood expand its retail presence, upgrade technology, and strengthen operations, the company said in a statement.

Founded in 1996 by Kirit Joshi and Vivek Deshpande, Spacewood manufactures modular kitchens, wardrobes, home furniture, doors, and office furniture under its Spacewood Office Solutions (SOS) brand. In 2011, Nitin Sudame joined the company to lead its office furniture division.

Spacewood claims to operate one of India's largest integrated furniture fac...