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The rental starts at US$14 per month, and can go up to US$115 depending on the size of the home/rooms and the requirements of the customer
Furlenco, which lends home furniture on a monthly subscription basis in India, has raised US$30 million in Series B round of funding, led by existing investor Lightbox Ventures, according to media reports.
The round, which comprises a mix of equity and debt funding, also saw participation from Hong Kong-based Axis Capital and a few HNIs, including Gautham Radhakrishnan, Partner at Tata Opportunities Fund.
Of the total, US$15 million was invested by Lighbox, while the rest came in the form of debt funding from leading Indian lenders such as HDFC Bank, Axis Bank, Kotak Mahindra Bank, and IntelleGrow.
The funds will help Furlenco to expand operations into Delhi and Hyderabad in the next 12 months.
Currently, it’s operational in Bangalore, Mumbai and Pune.
The Series B funding comes 18 moths after the Bangalore-headquartered startup secured US$6 million from Lightbox.
Also Read: Tech that can make people lazy has huge potential in India, says Furlenco Founder
Furlenco was started in 2012 by Ajith Mohan Karimpana, who previously worked at Goldman Sachs in the US for six years. It is a home furniture subscription venture that offers a range of curated home furniture solutions, designed to suit the lifestyle needs of varied audiences spanning students to families and expatriates. It has partnered with five manufacturing units in the country.
The firm offers living room, dining room, and bed room solutions. Users can pick their choice of subscription package and furniture for a monthly rental plan. Once the order is placed via call or online, the furniture will be set up within three working days.
The rental starts at INR 900 (under US$14) per month, and can go up to INR 7,700 (US$115) depending on the size of the home/rooms and the requirements of the customer. According to the company, it services about 2,000 bookings every month, with an average ticket size of INR 3,000 (US$45).
Image Credit: 123rf.com
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