CityFurnish, an online furniture and appliances renting company has raised $5 million (approx ₹40 crore) from a clutch of investors, led by Youtube and Gmail in Series A round of funding. Besides, other investment firms such as Global Founders Capital, Venture Highway, Soma Capital, SCM Advisors, and Boomerang Ventures also added their share.
The company will invest the funding on its supply side, brand building, and product expansion.
“A clutch of undisclosed high net worth individuals have also participated in this round,” said Neerav Jain, co-founder of CityFurnish.
“We’re going to focus on the supply side, brand building, and getting into newer categories. We are also going to be further investing in operations and technology, while also spending some of the proceeds on product development,” Jain added.
Founded in September 2015 by Neerav Jain and Saurabh Gupta, CityFurnish is a Delhi-NCR-based online furniture and appliances renting company.
It offers furniture, furnishings, appliances and fitness equipment, and has entered the commercial and hospitality segments as well.
The company is also in the process of launching a furniture subscription programme, which will be based on a pay-as-you-go model, with no minimum commitments.
Moreover, in 2016, the company had 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 the latest round of funding.