Lightbox, Vivriti Capital join furniture rental startup Furlenco’s $10 mn growth round
Furlenco, the furniture rental startup run by Bengaluru-based Kieraya Furnishing Solutions, has raised $10 million through a mix of debt and equity funding from new and existing investors.
The round saw several investors including institutional funds, family offices, and ultra-high net worth individuals (UHNIs), the company said in a statement sent to TechCircle.
Venture capital firm Lightbox Ventures; online enterprise debt platform and lender Vivriti Capital; Infosys co-founder Kris Gopalakrishnan; Gopinath Ambadithody, former CFO at Embassy Group; Gautham Radhakrishnan, a former partner with private equity firm Tata Capital; Nakul Toshniwal, managing director at Toshvin Analytical; Manoj Rajani, director at Damodar Mangalji; pharmaceutical company Hetero Group, and excipient manufacturer Signet Chemicals have participated in this round.
The company claims to have achieved operation profitability and with the fresh funds, it expects to become fully profitable in the next 12-18 months.
The current round takes Furlenco’s overall funding to about $54 million, according to data available with VCCEdge.
In February, the company had raised $2.24 million in its Series C round of funding led by existing investor, the Dabur family’s asset management firm Chowdry Associates. It couldn’t be immediately ascertained if the infusion is part of the current round.
Furlenco saw 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 a debt funding round from Chowdry Associates.
The company was founded in 2012 by Ajith Karimpana, a former vice president at Goldman Sachs.
Furlenco is a subscription-based online rental furniture platform that provides furniture and home decor on rent. It also rents out home appliances.
It claims to have furnished over one lakh homes in the past four years.
The company is currently operational in eight Indian cities with recently launched services in Hyderabad and Chennai. It competes with the likes of Rentomojo, GrabOnRent and Pepperfry among others.
DPNC Advisors and Quadito advised Furlenco on this deal.