Sunday Design, a global furniture and home décor brand, has raised pre-series A funding of USD 1.5 million (INR 125 Mn) from QRG Investment & Holdings (The Family Office of Havells India Limited Founders), Kama Group (Family Office of SRF), KCT Family Office, as well as existing investors.
The brand has recorded an impressive 10 per cent 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.
When asked about their investment on Sunday, Anil Rai Gupta, Chairman of QRG Investments & Holdings(Havells Family Office) said, "We believe in partnering with brands that are future-proof and show high potential for growth. The furniture and home décor industries are poised for significant growth in India. 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. "
Ashish Bharatram, Chairman and Managing Director, Kama Group (Family Office of SRF) added, "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. 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."
The brand is also intending to launch an e-Commerce store to expand the reach and scale of their market share across the country and in new segments. It 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.
Gautam Baid, Founder and Managing Director of Sunday Design, said, "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. We are grateful for the trust of both our new and existing investors, who have encouraged us to harness this vision and make an even greater impact on customers and the market. 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 per cent growth over the coming two fiscal years," he further added.
The brand’s initial funding of USD 1.25 million came from its founding investors, including 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 research, the Indian furniture market is currently worth USD 18 billion and is expected to grow at a 14 per cent CAGR between 2020 and 2025.The organised sector is expected to account for 60 per cent of the market share, which is less than 10 per cent 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.