FURLENCO RAISES $15 MILLION THROUGH AN ASSET-FINANCING DEAL WITH TRADECRED

Having previously raised $140 Mn in their Series D Round, a furniture rental startup Furlenco has entered into an asset financing deal with TradeCred & raised $15 Million. House of Kieraya, an umbrella brand that covers Furlenco & Furbicle, was formed last month to offer rental furniture, appliances, and remanufactured furniture under one roof. 

Read here: FURLENCO, A FURNITURE RENTAL STARTUP RAISES $140 MILLION LED BY ZINNIA GLOBAL FUNDS.

Earlier last month, Furlenco launched UNLMTD, an annual subscription model that offers customers all the furniture and appliances at a single price through two annual plans. The premium subscription is priced at INR 4999 per month for 15 products and the Lite subscription plan is priced at INR 3999 which will cover 9 products. The startup intends to utilize the latest investment towards their latest product. 

TradeCred, India’s largest alternate debt platform provides financial services & deploys private capital into curated invoices. Founded in 2018, TradeCred has deployed over $250 Mn to date & has partnered with over 50 businesses to help them scale faster with an asset-light leasing model. Ajith Mohan Karimpana, Founder and Chief Executive, House of Kieraya (HoK) said, “We believe that one single model cannot address the entire furniture market. With HoK, we are creating a continuum of sorts for the furniture needs of different segments, and at different stages of their life. Rental, subscription, e-commerce, and retail brands are the way forward in this journey.” Commenting on the investment, Hardik Shah, Founder, TradeCred said, “The furniture and appliances rental space is one of the most resilient asset classes for investors, as consumers are switching to subscription-driven models during the pandemic. With Furlenco being the market leader and the fastest growing business in the space, TradeCred is delighted to partner with HoK to scale efficiently with an asset-light model.” Adding further, Vaibhav Laddha, Head of Corporate Finance at House of Kieraya (HoK) said, “We are seeing unprecedented growth that has exceeded our expectations. Our partnership with TradeCred will help fuel the asset demand that is coming on the back of our aggressive growth and expansion plans. In the past six months, we have seen a 100 percent growth, and we are looking at another 100 percent growth in the next six months.”

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