Gurgaon-based furniture rental startup, CityFurnish has raised an undisclosed amount of seed funding from Brand Capital, the investment arm of conglomerate, Bennett Coleman and Co. Ltd. (Times Group). Existing investor Manoj Gupta, Director, Credit Suisse also participated in this round.
Founded by Neerav Jain in September 2015, CityFurnish offers furniture, furnishings and appliances on rent. The startup currently operates in Gurgaon, Delhi and Bangalore, and plans to launch its services in Pune this month. It also seeks to increase its footprint in Mumbai, Hyderabad and Chennai.
Related Article: On Demand Furniture Rental Startup, CityFurnish, Raises Seed Fund
Neerav Jain, Founder, CityFurnish said that they intend to build their brand advertising channels through various publications of the Times Group, and also create a vendor base for the newly-launched gym equipment category.
As per reports, “India’s furniture market is projected to cross $32 Bn by 2019.” Last year RentOnGo, a rental portal for bikes, electronics and appliances raised angel funding led by Snapdeal’s chief product officer, Anand Chandrasekaran. Similar startups in this space include RentoMojo and Furlenco.
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