Gurgaon-based furnishing rental company, FlatFurnish.com, has raised an undisclosed amount of funding from Jabong Founder Arun Chandra Mohan. The raised capital will be used in expansion of the company.
Founded in 2015 by Jyoti Goyal, Aritra Saha and Jeetesh Agrawal, FlatFurnish, is a marketplace where vendors manufacture designs for the company and the payment is made on a monthly basis. This ensures better scalability without any working capital locked with the vendors.
Through the FlatFurnish portal, users can rent furniture, home appliances, fitness equipment, party accessories, among other things. The company rents classy furniture at INR 999/month.
The startup aims to simplify the process of choosing and procuring the right furniture, by assisting users with their wide range of options, which are high on style but light on pocket.
Jeetesh Agrawal, co-founder at FlatFurnish, said “Renting makes sense because there is a huge price gap in the rent of furnished and unfurnished apartments. One can easily find an unfurnished 3BHK flat for 40-42k per month but the rent for the same flat, if furnished, would be more than 60k. However, with FlatFurnish, the cost of furnishing the apartment will come down to 8k a month and one can save up to 10k every month”.
The company follows in-house designing of products, and also controls its manufacturing, to make sure that each design a customer gets is what they pay for. Besides, a strict quality criterion is followed to check the products for their condition, hygiene and durability.
FlatFurnish has a customer base of approximately 100 users and three corporate giants. As per Jyoti Goyal of FlatFurnish, “the company is expected to show a 200% month on month growth for the next six months”.
Apart from operating in Delhi-NCR, the startup plans to expand its operations in other metros in the coming months, and is also looking to raise next round of funding by end of January 2016.
In this space, online home appliances and furniture rental startup, RentoMojo, raised $1.96 Mn (INR 13 Cr) in funding from IDG Ventures India and Accel Partners India.
Another startup in the space which got funded last year is Furlenco – focused on the furniture market. Furlenco raised $6 Mn in a Series A funding round led by LightBox VC. However unlike RentoMojo, Furlenco owns the furniture that it rents out.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.