Furlenco, a Bangalore-based startup, has started its operations related to furniture and appliance rental. Today, the startup has raised a whopping $140 million in a Series D funding round. The firm is looking to expand its operations in the South Asian market. It may also start its operations globally.
Recent Funding Round Details
In a recent funding round of Series D, furniture rental startup has raised $140 million. Furlenco will take $120 million as debt raise and the remaining funding will be collected as equity.
Zinnia Global Fund led the Series D funding round. CE-Ventures and Lightbox Ventures also actively participated in this round. As per the Tracxn report, Furlenco has collected a total of $240 million to date.
Zinnia Global Fund’s Ritesh Abbi praised the business model of Furlenco and said that Furlenco is revolutionizing the rental furniture market. The startup has a strong growth perspective in the future. Furlenco management team makes it one of the strong startups of recent time.
Furlenco plans to invest current funding in designing and growing further. Rentomojo is the main competitor of Furlenco. The startup plans generate annual revenue of $300 million in the coming five years.
Talking about Furlenco’s business idea and the potential of B2C commerce space, the startup’s CEO and founder Ajith Mohan Karimpana said, “Lifestyles have evolved and so have the needs of the urban Indian when it comes to how they do up their home. However, the furniture industry has some catching up to do in providing the right kind of solutions. We know there is immense strength and scope of innovation in the B2C commerce space and the sectors we operate in. We are tapping into that potential and will disrupt the market with what we are planning.”
Furlenco and Rent Platforms Status
Furlenco has its existence in over twelve major cities of India. It provides appliances and furniture on rent for bachelor and temporarily located staff. In Q1 2021, it has also started providing fitness equipment, and two-wheeler vehicles for rent.
Affordability is another attractive characteristic of the Furlenco startup. It charges around $9 for a month. For laptop tent, the startup charges around $40 a month.
Fast delivery is another attraction of Furlenco. It delivers items within 2-3 days. Deep cleaning without extra charges has made the startup popular among its customers.
Furlenco has also collaborated with NoBroker to avail apartments for its customers without any brokerage.
Due to its expansion in new categories, coronavirus did not affect its revenue and it preserved 95% of revenue in the fiscal year ending in March. Currently, Indian rental furniture and appliance are worth $4.5 billion.