Furniture Rental Company Furlenco Raised $140 Million

Online furniture Rental Company Furlenco has raised $140 million (Rs 1,000 crore) in Series D funding, its largest till date, led by Mauritius-based Zinnia Global Fund. Other existing investors like CE Ventures and Lightbox Ventures also participated.

BY Realty Plus
Published - Tuesday, 06 Jul, 2021

Furniture Rental Company Furlenco Raised $140 Million

Online furniture Rental Company Furlenco has raised $140 million (Rs 1,000 crore) in Series D funding, its largest till date, led by Mauritius-based Zinnia Global Fund. Other existing investors like CE Ventures and Lightbox Ventures also participated. The funding is split between debt, Rs 850 crore, and equity, Rs 150 crore, and will be used to expand into tier I and II cities like Jaipur, Ahmedabad and Mysuru. The company, which counts RentoMojo among its competitors, is present in 10 other cities including Bengaluru and Mumbai. Furlenco has been raising debt since last year, including Rs 44 crore in January from Black Soil Capital and Crescent Enterprises, and Rs 53 crore from four investors at the end of last year. The eight-year-old firm has raised close to $250 million in debt and equity till date. “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 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,” said Ajith Mohan Karimpana, founder and CEO. India’s rental furniture and appliance market, dominated by RentoMojo, Furlenco, Rentickle and City-Furnish, is worth Rs 33,500 crore, as per a Redseer report. Furlenco reported revenue of Rs 100 crore and operating profit of Rs 7.5 crore last year.