19 October 2016, India :
Bangalore-based online furniture rental startup Furlenco has raised $15 million in its Series B round of funding.
The round was led by existing investor Lightbox Ventures along with Axis Capital Partners, a Hong Kong-based venture capital fund.
Furlenco is changing the way people access furniture. It offers furniture on rent and are setting new industry standards in the process. The products feature award-winning design, and it delivers in as quickly as 72 hours. Also, the design process is user-inspired, allowing Furlenco to offer furniture that truly enhances their lives. Apart from quick deliveries and free set-up, Furlenco also pairs every unit of furniture with matching home decor and soft furnishing, allowing you to furnish your entire home in one click.
Ajith Mohan Karimpana, founder and CEO of Furlenco said, “This fresh funding, which includes $15 Mn of equity and $15 Mn 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. ”
He further believes that the only way to duplicate that effort in a market like India is by providing a full stack rental model. “We think that access over ownership, is the right model for India,” added Ajith.
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. Source- techcircle