Bengaluru-based online furniture rental startup Furlenco has raised $1.5 Mn (INR 10 Cr) in a debt funding round from a consortium of HNI investors via non-convertible debentures.
The development was first reported by Paper.vc.
As per the company’s latest MCA filings, the investors who participated in this round include Rekha Hrishikesh Mafatlal (Arvind Mafatlal Group), Lakshmi Narayanan – Ex-Vice Chairman of Cognizant, and M Krishna Sindhuri Private Trust.
An email sent to Furlenco did not elicit any response till the time of publication.
Founded by Ajith Mohan Karimpana in 2011, Furlenco has so far raised over $30 Mn in funding from investors such as Lightbox Ventures, Axis Capital, Kris Gopalakrishnan’s Pratithi Trust, Trifecta Capital amongst others.
Most recently in December 2017, the furniture rental startup raised $300K in funding from Bollywood actor Aamir Khan.
In June 2017, Furlenco also gave indications to become profitable by March 2018.
India is fast moving on the path of sharing and rental economy. From renting goods to co-working spaces, a number of players have mushroomed to cater to the rental needs of the price-sensitive Indian market.
Owing to the lack of stability in the current generation of the millennials, the online furniture renting has become quite popular. This has led to the rise of a number of players such as Rentmojo, Cityfurnish, Needless Baggage, and more. These startups have also gained significant interest from investors as well.
For instance, Rentickle, an online rental platform for furniture and home appliances raised $4 Mn in a funding round led by Singapore-headquartered VC ThinKuvate and CX Partners Chairman Ajay Relan.
We could not get an immediate response from Ajith on his plans to utilise the raised funding. However, the available opportunity in the online furniture rental space and the visible investors’ trust on Furlenco, rightly indicates how aggressively the startup is working to attain profitability.