Online furniture rental startup Furlenco has raised a funding of $1.5 million in a debt funding round from a clutch of HNI Investors.
The Rs 10 crore funding round saw participation from Rekha Hrishikesh Mafatlal, wife of Mr Hrishikesh Mafatlal, VC and CEO of Arvind Mafatlal Group of Companies, Lakshmi Narayanan, ex-VC of Cognizant and M Krishna Sindhuri Private Trust.
The funding that the furniture rental startup raised is via non-convertible debentures.
Furlenco is based in Bengaluru and was founded back in 2011 by Mr Ajith Khurana, and has been successful in raising over $30 million in total from investors like- Axis Capital, Lightbox Ventures, Kris Gopalakrishnan’s Pratithi Trust, Trifecta Capital, to name a few.
The funding comes after Bollywood superstar Aamir Khan infused $300K in the startup in a funding round held in December 2017.
The net fund raising of the startup in the year 2017 amounts to Rs 62.7 crore and out of the current investment, Trifecta Capital invested Rs 8 crore as per the source paper.vc.
Furleco sees competition in the sector from other renting platforms like Rentomojo, CityFurnish, Renticle, FlatFurnish and many more. Renticle raised a funding of $4 million from ThinKuvate and others in December 2017. RentoMojo has raised $10 million in a Series B funding from private equity investor Bain Capital Ventures and fintech entrepreneur Renaud Laplanche in July 2017.