@MuStrFc ji, I find it difficult to see how unique or new age the business is. They have managed to establish themselves in a couple of cities, but the brand is not a Hermes, Rolex or a Ferrari that has large unaided brand connotation with luxury and is therefore highly aspirational. I think this might be the first time most members might be hearing about the company. I dont see the moat if someone starts selling the same furniture stamped with an already established luxury brand, under license.
Maybe I don't get it because I have had a middle class upbringing, but if I have to buy furniture and am in a hurry, I would go to the nearby Godrej Interio store. If I have more time and money to spare, I would go to one of the reputed local shops which will use the best materials to make bespoke furniture to my exact specifications.
The problem with the related party transactions is that they may not be on arm's lenghts basis and may mask the true profitability ( or lack of) of the company raising funds and the brand, which should be the most valuable asset, is not owned by the company.
The anchor investor list is also rather underwhelming. That said, there seems to be quite a hype about the company. I will make a decision on whether to apply or not after looking at QIB numbers in the afternoon.