Bengaluru-based online furniture rental company Furlenco has raised US$ 30 million in a Series B round.
Furlenco raised US$ 15 million in equity from LightBox Ventures, with participation from new investor Axis Capital, a Hong Kong-based fund, and high net-worth individuals including Gautham Radhakrishnan, partner at Tata Opportunities Fund, among others.
Founder and CEO, Furlenco, Ajith Mohan Karimpana said, “This fresh funding, which includes US$ 15 million of equity and US$ 15 million of debt, is a testament to Furlenco’s strong unit economics and growing operational cash flow. Furlenco’s core differentiation lies in its design philosophy, customer experience, and technology. ”
Furlenco was founded in 2012, by Ajith Karimpana. It is the world’s only furniture rental company which designs and manufactures its own furniture with the help of in-house designers.
“A year ago, we couldn’t have imagined a company so young would have been able to raise so much debt, especially on the back of an asset like furniture. This is monumental and speaks volumes of the kind of business Furlenco has been building from the very beginning,” said Partner, Lightbox, Sid Talwar.
The fresh funds will be used to expand beyond Bengaluru, Mumbai and Pune, where Furlenco currently operates, to Delhi and Hyderabad in the next 12 months as well as expand its product offerings.