On Monday, 5 July, Furlenco which is a furniture rental startup company has made an announcement that it has raised around $140 million, which is INR 1,000 crore in a Series D funding round that was managed by Zinnia Global Fund. The amount raised includes a combination of debt and equity. The funding round also saw the participation of CE Ventures and Lightbox Ventures. The transaction was led under the advisory of the Industrial and Commercial Bank of China (ICBC) and Dewan P N Chopra & Co. (DPNC).
Furlenco which has been founded by Ajith Mohan Karimpana in 2012 has been registered in the name of Kieraya Furnishing Solutions Pvt. Ltd. The company is an online subscription-based furniture rental platform that has its operations in 13 cities of India such as Bengaluru, Delhi/NCR, Hyderabad, Chennai, Pune, Mumbai, Jaipur, Mysuru, and others. The company claims to have furnished over 1.70 lakh homes since the start of its operations.
The company provides furniture across categories like living room furniture, beds, dining tables, study solutions, workstations, and others. It also gives appliances such as laptops, smartphones, kitchen appliances, washing machines, etc. The company has also begun renting two-wheelers, gaming consoles, entertainment, and fitness equipment.
Furlenco has got funds up to $221 million to date, from marquee investors such as BlackSoil, Dabur’s Aditya Burman, Rangoli Resorts, Chowdry Associates, Beeline, Bollywood superstar Aamir Khan, Double Prime’s Gautham Radhakrishnan, and Infosys’ Kris Gopalakrishnan, and others.
The funds that the company has raised will play an important role to allow growth with investments and design. There is a lot of strength and innovation scope in the business-to-consumer commerce space and the sectors that the company operates in. The company plans to disrupt the market and has the potential to do so in the coming years.
