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Furniture brand Sunday Design raises USD 1.5 Million in funding

Furniture brand Sunday Design raises USD 1.5 Million in funding

Funding News

Furniture brand Sunday Design raises USD 1.5 Million in funding

Sunday Design, a global furniture and home décor brand, has raised Pre-Series A funding of USD 1.5 Million (INR 125 Million) from QRG Investment & Holdings (The Family Office of Havells India Limited Founders), Kama Group (Family Office of SRF Ltd), KCT Family Office as well as existing investors.

 The brand has recorded an impressive 10 percent month over month growth since its launch in October 2021. This has been backed by a positive response across their product spectrum. All the products are manufactured in India and designed internationally to make modern, design-conscious pieces for customers.

“We believe in partnering with brands that are future-proof and show high potential for growth. The furniture and home décor industry is poised for significant growth in India,” Mr. Anil Rai Gupta, Chairman of QRG Investments & Holdings (Havells Family Office) said.

“Sunday Design is addressing a white space in the industry. The mid-segment has been wholly underserved and by bringing together a global design aesthetic and pairing it with local manufacturing, Sunday is offering something that has already shown significant traction,” he added.

Sunday Design plans to utilize this capital to expand both its online and offline presence. Backed by the success of its flagship Experience Centre on MG Road in Delhi, additional retail spaces are being planned within the coming year across Mumbai and Bangalore. They will also be launching an e-Commerce store to expand the reach and scale of their market share across the country and in new segments.

 “Sunday Design marks KAMA Group’s first private investment in this sector and we have great confidence in the way they have defined a unique space for themselves in the growing furniture and home market,” Mr. Ashish Bharatram, Chairman and Managing Director, Kama Group (Family Office of SRF Ltd) said. “The Co-Founders, Gautam and Vinit are veterans of the industry with a pulse on the market and the direction the sector is moving towards. KAMA Group looks forward to being part of the Sunday growth story,” he added. 

 Sunday Design also plans to expand its product range, including the launch of home fragrances, table linen, tableware, and soft furnishings. The brand aims to emerge as a complete premium home décor brand.

 “During the pandemic, we noticed a significant change in the attitude of people towards interior design; they want to invest more in their living spaces. We have experienced this first-hand since our inception last year, in the form of steady growth in both interest and demand,” Mr. Gautam Baid, Founder and Managing Director of Sunday Design said. “With this new investment, we intend to collaborate with top European designers and grow our footprint in an omnichannel format, introducing new and exciting product lines on a strategic basis. We aim to achieve 100% growth over the coming two fiscal years,” he added.

 The brand’s initial funding of $1.25 million came from its founding investors, including Mr. Baid and his business partner Vinit Agarwal, along with venture capitalists Sanjay Kapoor, Abhishek Goyal, Gurjeet Singh Bains, Apoorv Agarwal of Sirca Paints India, and Manan Khetan of I-Evo, a prominent high-end furniture manufacturer in India.

 According to market intelligence, the Indian furniture market size is currently USD 18 billion and is expected to grow at a 14 percent CAGR between 2020 – 2025. The organized sector is expected to account for 60 per cent of the market share, which is less than 10 percent currently. The recent entry of global mid-segment brands like West Elm, Pottery Barn and H&M Home is further validation of the excitement in this space.

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