Furlenco, a Bangalore-based furniture rental startup has raised Rs. 5 crore in its new funding round from existing investor Signet Chemical Corporation. The latest fundraise comes just less than three weeks after the company secured around Rs. 10 crore in a debt funding round from a consortium of HNI investors via non-convertible debentures.
According to the documents filed by the company with the Ministry of Corporate Affairs, the funding was raised against the issue of 500 negotiable certificates of deposit (NCDs) at $1,545.46 (Rs. 1 lakh) apiece on February 13, 2018. The company has not yet revealed how it plans to utilize this newly raised capital from Signet Chemical Corporation.
With this new funding, the company’s total fundraise so far stands at around Rs. 195 crores. The company’s list of investors includes Lightbox Ventures, Trifecta Capital, along with angel investors Kris Gopalakrishnan, Lakshmi Narayanan, Rekha Hrishikesh Mafatlal of Mafatlal Group, as well as Aamir Khan.
The company was founded by Ajith Mohan Karimpana in 2011. Furlenco is an online furniture renting platform offering home furniture on a subscription basis in Bengaluru, Delhi/NCR, Mumbai and Pune.
As per the estimates, the overall furniture market in India generates between $15 billion to $24 billion annually. The organised segment is around 8%-10% and of this, around 15% is online.