Furlenco, the furniture rental startup run by Bengaluru-based Kieraya Furnishing Solutions, has raised $2.24 million (about Rs 16 crore at the current exchange rates) in its Series C round of funding led by existing investor, the Dabur family’s asset management firm Chowdry Associates.
Out of the total amount allotted in this investment round, Furlenco has received $560,000 (Rs 4 crore) so far and the remaining $1.68 million (Rs 12 crore) will be received sometime in the future, according to its RoC filings.
With this round, the company stands at an estimated valuation of $97 million (Rs 692 crore).
According to media reports, the first tranche of the current funding round was received by the company in 2018 itself which was of $10.7 million (Rs 77 crore) led by Lightbox Ventures and Crescent Enterprises.
Furlenco raised a couple of debt funding rounds last year. In November 2019, it raised debt round from the founder of SR Asset Advisory, Sandeep Baid, Shakuntalam Holdings and Ritona Vincom. In August 2019, it raised debt funding round from Chowdry Associates.
The company was founded in 2012 by Ajith Karimpana, a former vice president at Goldman Sachs. He holds a post-graduate degree in computer and information science from Temple University in the US.
Furlenco is a subscription-based online rental furniture platform that provides furniture and home decor on rent. It also rents out home appliances.
The company is currently operational in eight Indian cities with recently launched services in Hyderabad and Chennai.