Furniture rental startup Furlenco raises debt round from multiple investors

Furniture rental startup Furlenco raises debt round from multiple investors
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11 Nov, 2020

Bengaluru-based Kieraya Furnishing Solutions, which runs furniture rental startup Furlenco, has raised Rs 53 crore ($7.1 million) in debt financing from multiple investors.

The company has allotted 41,00,000 OCDs of Rs 100 each to raise Rs 41 crore from Rangoli Resorts, Beeline Impex and Aditya Burman, as per its latest regulatory filings. Rangoli Resorts and Aditya Burman have infused Rs 15 crore each whereas Beeline Impex has invested Rs 11 crore.

Furlenco has also allotted 12,00,000 CCDs to Crescent Enterprises to raise Rs 12 crore, the filings showed.

The startup’s board has separately also passed a resolution to allow the allotment of 17,00,000 ‘Series D1’ CCPS  at a price band of Rs 230-280 per share to raise around Rs 39.1-47.6 crore (about $5-6 million at current exchange rates) in equity funding.

Responding to email queries from TechCircle on the financing rounds reported in the filings, Ajith Mohan Karimpana, founder and CEO of Furlenco, said, “...We haven’t closed any round at this time.”

Founded in 2012, Furlenco last raised $10 million through a mix of debt and equity funding from new and existing investors in April 2020. The round saw several investors including institutional funds, family offices, and ultra-high net worth individuals (UHNIs).

Prior to that, 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. 

Furlenco is a subscription-based online rental furniture platform that provides furniture and home decor on rent. It also rents out home appliances. Currently operational in eight Indian cities in India, the startup competes with the likes of Rentomojo, GrabOnRent and Pepperfry among others.