FURLENCO, A FURNITURE RENTAL STARTUP RAISES $140 MILLION LED BY ZINNIA GLOBAL FUNDS.10 months ago Rituka M
The Millennial Generation lives a fast-paced, nomadic lifestyle, and believes in following their destiny, travel across cities to make their mark. With work occupying a majority of their lives, making an investment in furniture and settling down is cost-intensive, and the returns on sale are mostly bad deals.
Having experienced it firsthand while moving back to Bangalore from the US, Ajith Karimpana decided to bring hassle-free & awesome furniture to the market with no strings attached. Incorporated in 2012 as Rent Ur Duniya, the company owned and operated by Bangalore-based Kieraya Furnishing Solutions later went on to rename itself as “Furlenco”.
This Bangalore-based company offers curated and quality furniture for the entire home on a monthly rental subscription model. With user-led and evolving need-based designs, Furlenco is a furniture concierge service that hosts complimentary benefits like swapping of furniture when needs change, relocation across cities, pausing of subscriptions, and deep cleaning services as a part of the subscription. With products ranging across verticals such as Bedroom, Living room, Electronics, Appliances, Fitness, Storage, Work stations, Kids room, Dining room, 2-wheelers, and Full home packages. The company currently delivers across Bangalore, Mumbai, Pune, Delhi, Chennai, Hyderabad, Gurugram, Jaipur, Ahmedabad, Ghaziabad, Faridabad, Noida, and Mysuru, and over the years has raised capital in a mix of debt and equity.
Having raised a total of $221 million to date, the company has raised $140 million through their Series D round on July 5th, 2021 in a mix of debt and equity led by Zinnia Global Funds. Boasting marquee investors such as Aamir Khan, Lightbox Partners, Crescent Enterprises, Rangoli Resorts, Aditya Burman, Saket Burman, and BlackSoil among others, Furlenco aims to utilize the latest investment towards expanding into various Tier I & Tier II Indian cities, as well as scale its operations across the South-Asian & Middle Eastern market, venturing into the international space. Speaking on the investment, Karimpana, Founder & CEO, Furlenco said in a press note, “The funds we have raised will play a critical role in this journey and fuel our growth with investments and design. We know there is immense strength and scope of innovation in the B2C [business-to-consumer] commerce space and the sectors we operate in. We are tapping into that potential and will definitely disrupt the market with what we are planning”. Adding, Ritesh Abbi, Zinnia Global Fund said, “We are excited to partner with Furlenco, which is rapidly transforming Furniture subscription services for India’s lifestyle aspirants. As an industry leader with a strong management team, Furlenco is poised for continued strong growth”. Intending to scale the brand, taking its annual revenue to Rs 2,200 crore in the next five years, generating Rs 650 crore in free cash annually by 2025-26, the furniture rental company intends to capture a large chunk of the $4.5 billion rental furniture & appliance industry.