SUMMARY
With this, the startup has closed its Series A funding round
Including the current fundraising, Cityfurnish has raised a total of $10 Mn in equity and debt funding so far
The startup plans to use the fresh funds for expanding operations, brand marketing and strengthening technology
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Furniture and appliances rental startup Cityfurnish has raised $2.5 Mn in its follow-on Series A funding round, which was a mix of debt and equity round. With this, the startup has closed its Series A funding round.
The debt round was led by Northern Arc Capital. Western Capital and UC Capital participated in the debt round while existing backers participated in its equity round.
Including the current fundraising, Cityfurnish has raised a total of $10 Mn in equity and debt funding so far.
Founded in 2015 by Neerav Jain and Saurabh Gupta, Cityfurnish is a full stack platform that offers furniture and appliances rental services ranging from designing furniture according to house space to offering last-mile delivery and furniture assembling.
Cityfurnish said that it provides cost-free delivery services within 72 hours. It is currently offering services in seven Indian cities–Delhi, Pune, Bengaluru, Mumbai, Gurgaon, Noida and Hyderabad, according to the website.
In 2019, the startup raised $5 Mn funding from a cohort of investors including Gmail’s Paul Buchheit, Youtube’s Steve Chen,Global Founders Capital and Venture Highway, among others.
The startup plans to use the fresh funds for expanding operations, brand marketing, and strengthening its technology. It will also use the funds to expand across India by 2025.
Its cap table includes YCombinator, Soma Capital, SCM Advisors, and Boomerang Ventures, among others. It said it has been registering a 100% revenue hike throughout 2022.
In furniture rental space, it faces competition from the likes of Furlenco, Rentickle and Rentomojo, among others.
According to a report, the Indian furniture rental market was pegged at $4.1 Bn in 2020. The industry is expected to grow at a CAGR of 26% to become a $13 Bn space by 2025.
Recently, furniture rental startup Furlenco laid off about 180 employees to trim costs. In the previous year, the startup bagged $15 Mn funding from TradeCred.
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