Furlenco raised $140 million in Series D funding, claims to raise $300 million in next five years

Till date, Furlenco had raised over $221 million to date from marquee investors like BlackSoil, Dabur’s Aditya Burman, Rangoli Resorts, Chowdry Associates, Beeline, Bollywood Actor Aamir Khan, Double Prime’s Gautham Radhakrishnan and Infosys’ Kris Gopalakrishnan, among others.

On Monday, Furlenco, furniture rental startup, announced that it had raised $140 million in a series D funding round led by Zinnia Global Fund, the amount had been raised by a mix of debt and equity.

The existing CE Ventures and lightbox Ventures also took participation in the round.

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Advisors on the transaction were Industrial and Commercial Bank of China (ICBC) and Dewan PN Chopra & Co. (DPNC).

Furlenco was registered as Kieraya Furnishing Solutions Pvt Ltd, and was founded by Ajith Mohan Karimpana in 2012. It is an online subscription based furniture rental platform that currently operates in 13 cities including Mumbai, Delhi/NCR, Pune, Mysuru, Jaipur, Hyderabad, Bengaluru, and more. Ever since its launch, 1.70 lakh homes had been furnished.

Till date, Furlenco had raised over $221 million to date from marquee investors like BlackSoil, Dabur’s Aditya Burman, Rangoli Resorts, Chowdry Associates, Beeline, Bollywood Actor Aamir Khan, Double Prime’s Gautham Radhakrishnan and Infosys’ Kris Gopalakrishnan, among others.

Karimpana said that the funds raised would play a critical role in the journey and would fuel their growth with the investments and design, they know that there was immense strength and scope of innovation in the B2C commerce space and the sectors they operated in, they were tapping into the potential and would definitely disrupt the market with what they had planned.

Compound annual growth rate (CAGR) of the company was 120 per cent between the financial year 2015 to 2020, and the company has claimed that it was able to retain 95 per cent of their revenue in the financial year 2021 despite the pandemic. In the next five years, the company is looking to scale it’s annual revenue to Rs 2,200 crore and to generate Rs 650 crore in fee by the financial year 2026.