Aamir Khan-backed furniture rental startup Furlenco raises $140 million
Furlencoraised $140 million in a Series D funding round led by Zinnia Global Fund.
- The company offers furniture across categories, two-wheelers, electronics and appliances.
- It has raised upto $221 million to date and has marked its presence across 13 India cities.
Furniture rental startup Furlenco, on Monday (July 5), announced that it has raised $140 million in a Series D funding round led by Zinnia Global Fund. The amount was raised as a mix of debt and equity.
Existing CE Ventures and Lightbox Ventures also participated in this round. Industrial and Commercial Bank of China (ICBC) and Dewan P N Chopra & Co. (DPNC) acted as advisors on the transaction.
Founded by Ajith Mohan Karimpana in 2012, Furlenco -- registered as Kieraya Furnishing Solutions Pvt. Ltd -- is an online subscription-based furniture rental platform that currently operates in 13 cities including Bengaluru, Delhi/NCR, Hyderabad, Chennai, Pune,
The company offers furniture across categories like living room furniture, beds, dining tables, study solutions, workstations and more. It also offers appliances such as laptops, smartphones, kitchen appliances, washing machines and more. The company has also entered into renting two-wheelers, gaming consoles, entertainment and fitness equipment.
Furlenco has raised upto $221 million to date, from marquee investors like BlackSoil, Dabur’s Aditya Burman, Rangoli Resorts, Chowdry Associates, Beeline, Bollywood actor Aamir Khan, Double Prime’s Gautham Radhakrishnan and Infosys’ Kris Gopalakrishnan, among others.
“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,” Karimpana said in a press note.
The company claims to have grown at a compound annual growth rate (CAGR) of 120% between financial year 2015 to 2020. The company claims that it was able to retain 95% of their revenue (compared to FY20) in the financial year 2021 despite the pandemic. It is now looking to scale its annual revenue to ₹2,200 crore ($300 million) in the next 5 years, generating ₹650 crore ($90 million) in fee by the financial year 2026.
Info Edge will now only sell shares worth ₹375 crore in Zomato IPO
Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer
Why restrict e-commerce players like Flipkart and Amazon when offline retailers follow the same practices, ask industry experts
Popular on BI
- Air Canada, Emirates, Air India and other airlines resume flights to Toronto and the tickets are priced up to ₹5 lakh
- I flew on a $65 million Gulfstream G650ER private jet and saw why it's a favorite of tech billionaires like Elon Musk and Jeff Bezos
- The collapse of Evergrande, one of China’s largest home developers, is “not a Lehman moment” but the fear may haunt steel and metal stocks in India
- IRCTC, IndiaMART, Cummins India and others have been under pressure in the last 5 days but still worth buying
- Noise ropes in Taapsee Pannu as its brand ambassador for smart wearables
- Online fantasy gaming startup earns almost five times Dhoni's Chennai Super Kings
- Samsung's first F-series phone with 5G support, Galaxy F42, to launch soon
- 2021 Yamaha R15 V4.0, R15M, Aerox 155 launched in India — all you need to know