Saturday, September 23

Online Furniture Rental Company Furlenco Raises 200 Crores

Online furniture rental company Furlenco today said it has raised Rs 200 crore (USD 30 million) in funding through a mix of equity and debt.

The fresh round of funding includes USD 15 million of equity and USD 15 million of debt, according to Ajith Mohan Karimpana, Founder and CEO of Furlenco.

The equity portion of the investment is led by Lightbox along with Axis Capital (no relation to Axis Bank), a Hong Kong based VC fund and a clutch of prominent high networth individuals or HNIs, the company said in a statement.

The debt was raised from banks, NBFCs (Non-Banking Financial Company), HNIs and Indian family offices.

“The funds raised will be used for expansion to newer categories, product ranges and more cities in the next one year,” it added.

In March 2015, Furlenco had raised about Rs 37 crore (USD 6 million) from Lightbox.

In the past 18 months, Furlenco has furnished nearly 15,000 homes with products worth over Rs 100 crore of market value, the release added.