Furniture and appliance rental startup Furlenco, on Monday, announced it has raised USD 140 million in the latest round of funding. The Bangalore-based startup said it would be using the funds to expand its presence across the international markets and scale up its operations in the South Asian region. The new Series D round of funding includes equity and debt funding.
Furlenco, the seven-year old start-up based in Bangalore, India operates a furniture and rental service across numerous cities in the country. It allows the customers to rent a wide range of furniture items and over the course of few years has expanded into different categories including fitness equipment, appliances, electronic products, and two-wheelers among others. The startup offers a three-day delivery period and no-cost deep cleaning of products and rented items. According to the company, the capital will be used to speed-up its growth across a broad network and will also be investing in design. The company plans to raise its annual revenue to USD 300 million over the course of next five years. The fresh capital is expected to help the company expand its presence and cater to a large base of customers across Tier I and Tier II cities across the country. The company currently operates in 13 major cities along with Bengaluru, Mumbai, Hyderabad, Pune, Delhi NCR, Chennai, Mysore, and Ahmedabad. Furlenco plans to boost its revenue by developing new assets and furniture that it designs and gives to for contract manufacturing to its more than 15 vendors. Furlenco directly competes with another rental furniture and appliance major, Rentomojo.
Furlenco has bagged nearly USD 240 Million in funding till date and has raised debt funding from investors Crescent Enterprises Limited and Black Soil Capital, in January 2021. Zinnia Global Fund led the current financing round and existing investors Lightbox Ventures and CE-Ventures also participated in the round.