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Indian Online Furniture Rental Startup Furlenco Raises 16 Crore in ongoing series C Round

Online furniture rental startup Furlenco raises 16 Crore in ongoing series C Round from Dabur's family-based asset management
Online furniture rental startup Furlenco raises 16 Crore in ongoing series C Round from Dabur’s family-based asset management firm Chowdry Associates.

What is Furlenco?

furlenco Founder - Ajith Mohan Karimpana
Furlenco Founder – Ajith Mohan Karimpana

Furlenco is a Bangalore based company founded in 2011 by Ajith Mohan Karimpana. Furlenco is an online platform that rents furniture and appliances online. The company currently operates out of various locations over India.

Indian online Furniture and Application rental Startup Furlenco raised $2.2 Million funding from its existing investor, Dabur’s family-based asset management firm Chowdry Associates, in series C round of funding.

New Delhi-based firm Chowdry Associates bought 6,53,871 series C5 cumulative shares (CCPS) in Kieraya Furnishing Solutions private limited (Furlenco).

Fundings raised and current status of Furlenco

The Bengaluru-based online furniture rental startup’s regulatory claimed that only Rs 4 Crore were wired so far, the remainder of Rs 12 Crores is yet to be transferred.

Previously the company managed to raise INR 9 Crore($1.26 Million) in two rounds of debt funding held in July and August 2019. Furlenco also raised INR 40.46 Crore ($5.84 Million) in Series C.

As per regulatory filings, Lightbox ventures have bought 340,649 shares worth INR 6.87 Cr, and Chowdry Associates bought 340,005 shares worth INR 6.86 crores. Apart from this, Four other investors had participated in the round too, who collectively bought 10,55,106 shares worth INR 8.4 Crore.

The company also raised total funding of $30.1 Million ( INR 195 Cr) in Feb 2018. The company is backed by Lightbox ventures, Axis Capital, Kris Gopalkrishnan’s Pratithi Trust, and Trifecta Capital.

Present Scenario of Indian Furniture Market

The Indian Furniture Market is valued at $18 Billion ( INR 1,294,06 Crores) furniture, out of which almost 85-90 percent is offline and unorganized. The giant online furniture retailers such as Urban Ladder, Pepperfry, and Furlenco cater to just 2 percent of the market.

As per a report, the furniture rental market is expected to grow aggressively between 2017 and 2024. The Indian Furniture rental market is seen to flourish around $800 – $850 Million.

Furlenco had a long Dry phase in terms of funding, with a series of funding worth Rs 16 Crores through Chowdry Associates, the company plans to utilize the capital to scale up significantly and ensure it’s survival in the Furniture Rental Segment.