Indian furniture rental platform Furlenco has reportedly raised USD 140 million in a Series D funding round which was led by Zinnia Global Fund. The fresh funds will allow the startup to expand its geographical reach, especially in South Asia.
Other existing investors like Lightbox Ventures and CE-Ventures had also participated in the fundraising.
Furlenco has raised USD 120 million in debt and the rest USD 20 million in equity. According to sources, the Indian startup has managed to secure a sum of USD 240 million so far.
The new investment will also be used to boost its growth, innovate its product offering, to accumulate an annual valuation of at least USD 300 million in the coming 5 years.
For the unversed, Furlenco was established in 2012 by Ajith Mohan Karimpana and is headquartered in Bangalore. The company currently operates in 12 cities in India and facilitates furniture renting. Recently, it has started including electronic products, fitness equipment, and even two-wheeler vehicles.
This launch of newer categories has aided Furlenco to preserve and recover 95% of its revenue in March 2021. Lightbox Ventures believes that Furlenco might expand into the Middle East and other foreign markets.
The platform offers rental plans of as low as USD 9 per month for a queen-size bed and a laptop for USD 40. Furlenco even offers a three-day delivery commitment and deep cleaning of products at no extra cost.
The Coronavirus outbreak had wreaked havoc across the global economy, affecting various industries and rental platforms were no different. However, as per industry estimates, the rental furniture and application industry is presently valued at over USD 4.5 billion.
Furlenco also maintains a partnership with a general Atlantic-backed Indian startup NoBroker that helps customers to avoid brokers while finding new apartments.
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