Furlenco, Indian online furniture rental company, has recently raised $30 million (INR 200 crore) in a Series B round. This funding is a mixture of equity and various forms of debt. This is one of the largest debt financing rounds ever raised by a start-up. This has been raised from banks, NBFCs, HNIs and Indian family offices. The equity portion of the investment is led by Lightbox along with Axis Capital (no relation to Axis Bank), a Hong Kong based VC fund and a few prominent HNI’s (CEOs & CFOs from Mumbai financial industry).
Prior to this, Furlenco raised $6 million (INR 37 crore) from Lightbox in March 2015. Over the past 18 months, Furlenco has furnished nearly 15,000 homes with products worth over INR 100 crore of market value. With this round, Furlenco has transitioned into a fully debt-financed model to fund its assets. The funds raised will be used for expansion to newer categories, product ranges and more cities in the next one year.
Commenting on the fundraising, Ajith Mohan Karimpana, Founder and CEO of Furlenco said, "This fresh funding, which includes $15M of equity and $15M of debt, is a testament to Furlenco's strong unit economics and growing operational cash flow. Furlenco’s core differentiation lies in its design philosophy, customer experience and technology.”
“Globally, IKEA has succeeded by providing access to quality products where they were not available before. We believe the only way to duplicate that effort in a market like India is by providing a full stack rental model. We think that access over ownership, is the right model for India.” added Ajith.
Furlenco is the world's only furniture rental company which designs and manufactures its own furniture with the help of its in-house designers. It has redefined and disrupted the Indian market with its rental model, giving the urban Indian, access to high quality and award-winning designer furniture styled as per European and tropical Indian standards.
Image : Ajith Mohan Karimpana, Founder and CEO of Furlenco
Prior to this, Furlenco raised $6 million (INR 37 crore) from Lightbox in March 2015. Over the past 18 months, Furlenco has furnished nearly 15,000 homes with products worth over INR 100 crore of market value. With this round, Furlenco has transitioned into a fully debt-financed model to fund its assets. The funds raised will be used for expansion to newer categories, product ranges and more cities in the next one year.
Commenting on the fundraising, Ajith Mohan Karimpana, Founder and CEO of Furlenco said, "This fresh funding, which includes $15M of equity and $15M of debt, is a testament to Furlenco's strong unit economics and growing operational cash flow. Furlenco’s core differentiation lies in its design philosophy, customer experience and technology.”
“Globally, IKEA has succeeded by providing access to quality products where they were not available before. We believe the only way to duplicate that effort in a market like India is by providing a full stack rental model. We think that access over ownership, is the right model for India.” added Ajith.
Furlenco is the world's only furniture rental company which designs and manufactures its own furniture with the help of its in-house designers. It has redefined and disrupted the Indian market with its rental model, giving the urban Indian, access to high quality and award-winning designer furniture styled as per European and tropical Indian standards.
Image : Ajith Mohan Karimpana, Founder and CEO of Furlenco
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