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Human activities need furniture. For example, sleeping needs a bed. Eating needs a dining table and so on. Movable furniture is preferred by many. Be it antique be it modern. Furniture is a very essential thing in today's life. Due to the budget, people fail to buy certain objects or many such kinds of mishappenings take place. But, no worries to be done anymore.
Furlenco is an online furniture rental platform. Living and desiring better is easier now with Furlenco. Award-winning furniture is available here as well. Read the Furlenco success story below.
Furlenco - Company Highlights
| Startup Name | Furlenco |
|---|---|
| Headquarters | Bangalore, Karnataka, India |
| Sector | Rental, Home Decor |
| Founder | Ajith Mohan Karimpana |
| Founded | 2012 |
| Parent Organization | Kieraya Furnishing Solutions Private Limited |
| Website | furlenco.com |
Furlenco - Latest News
Furlenco - About
Furlenco - Startup Story
Furlenco - Founder and Team
Furlenco - Logo
Furlenco - Business Model
Furlenco - Revenue Model
Furlenco - Funding and Investors
Furlenco - Growth
Furlenco - Competitors
Furlenco - Future Plans
Furlenco - Latest News
July 5, 2021 - Furlenco raises $140 million in its largest funding round to date. This round has been led by Mauritius-based Zinnia Global Fund, and is declared as the Series D funding round of the company, where CE Ventures and Lightbox Ventures were the other investors that participated.
April 2, 2020 - Furlenco closed its debt and equity round led by the company's existing bunch of investors, including Lightbox and Saket Burman, Director of Dabur International.
Furlenco - About
Furlenco is a different kind of furniture company. It enables people to start living better than today. Living is made better by giving consumers home decor and award-winning furniture on rent. All the furniture is designed by experts. Designs are inspired by the urban living citizens of India. The lifestyle and the requirements both are changing every day. That is why new designs are coming.
Furlenco - Startup Story
In the year 2010, Ajith Mohan Karimpana came back to Bengaluru, Karnataka, India from New Jersey, USA. When he used to stay in the USA, he wanted to sell his furniture there. After selling he got 10% back of what he paid for it. He bought the furniture around 2 years ago. That was the time when he found the pain of both buying and selling furniture. From that day he was determined. He wanted to provide everyone with beautiful furniture. He made this idea as his life's mission. Because everybody desires beautiful things at a cheaper price. This way Furlenco was born.
Chayanika Goswami
Furlenco - Founder and Team
Ajith Mohan Karimpana is the CEO and the founder of Furlenco. He began his career as a Senior Consultant at Morgan Stanley. After that, he joined Goldman Sachs. There he worked for 5 years and 10 months as a Senior Analyst and Vice President. He completed his schooling from Kendriya Vidyalaya. He pursued a B.Tech degree in Industrial Engineering from the National Institute of Technology, Jalandhar.
Ashwin Venkatraman is the Chief Operating Officer at Furlenco. He began his career as an Industry and Development Manager at Google. He was also the Director and the Product Head at InMobi.
Furlenco - Logo
Furlenco - Business Model
The business model of Furlenco is very simple here. The company provides furniture, home appliances and home decor on rent for its consumers. It enables people to lease tables, chairs, beds, couches etc on a monthly basis. People usually after losing a high value by selling furniture need furniture again. Furlenco is established for such kinds. The company brings the furniture to the concern's doorstep.
Rishabh Rathi
Furlenco - Revenue Model
The revenue of the company is generated from the rental incomes. From decorations to home appliances all are recognized on the basis of the terms of contract of hiring. Delivery charges are also included in the list. The company is providing a 10% discount on rent for the first 6 months. The offer is only valid when there is an order of worth Rs. 1250 per month or above. This offer is only for the existing customers of Furlenco. It is not applicable to all. For the month of August 2020, the company is having few deals in its backpack.
- On orders of above Rs 1249 and above Rs 500 off is available for 3 months.
- On orders above Rs 1249, Rs 300 off is available for 3 months.
- On orders above Rs 999 and above per month a discount of flat Rs 1600 is available for 4 months.
Furlenco - Funding and Investors
Furlenco has raised an amount of over $240 million in funding so far. Furlenco is funded by 16 investors, as per the latest records.
| Date | Transaction Name | Money Raised | Lead Investor |
|---|---|---|---|
| July 5, 2021 | Series D Round | $140 million | Zinnia Global Fund |
| January 2021 | - | Rs 44 crore | Black Soil Capital and Crescent Enterprises Limited. |
| April 2, 2020 | Venture Round | $10 million | - |
| February 11, 2020 | Series C | Rs. 160 million | - |
| August 23, 2019 | Debt Financing | Rs. 70 million | Chowdry Associates |
| July 1, 2019 | Debt Financing | Rs. 20 million | - |
| March 1, 2019 | Series C | $5.8 million | - |
| January 1, 2019 | Venture Round | - | InnoVen Capital |
| September 17, 2018 | Series C | - | - |
| September 1, 2018 | Debt Financing | Rs. 80 million | Trifecta Capital Advisors |
| February 25, 2018 | Venture Round | Rs. 50 million | - |
| February 7, 2018 | Debt Financing | $1.5 million |
Furlenco - Growth
In the year 2019, Furlenco reported a revenue of Rs 64 crores however in the year 2018, the company had generated a revenue of Rs 40 crores. There was around 58% to 60% of growth seen in the next year as mentioned above.
Furlenco - Competitors
The top competitors of the company are RentoMojo, Rentickle and GrabOnRent.
- RentoMojo is the #1 competitor of Furlenco. It was founded in the year 2014. Rentomojo is headquartered in Bengaluru.
- Rentickle is one of the top rivals of Furlenco. It was founded in the year 2015.
- GrabOnRent is the 3rd competitor of Furlenco. It was founded in the year 2015.
Furlenco - Future Plans
The goal of the company is to elevate the standards of urban living consumers. The company has launched in Mumbai because they feel that Mumbaikars are super enthusiastic about the new concepts. Furlenco is aiming towards expanding its business towards the Tier 2 cities soon.
The company witnessed flat growth in the wake of 2021 with revenues touching the Rs 100 crore mark. It is now all set to grow its total revenue between Rs 2,300-2,500 crore over the next five years, he said. In the next 10 years, the company wants to see itself as the "Pioneers" of the sharing economy. Starting from furniture to vehicles and everything, the company wants to offer its users everything in rent, which are generally seen as financial burdens if bought new.
Rishabh Rathi
FAQs
Can we buy furniture from Furlenco?
Furlenco offers furniture designed in-house. It's present in Pune, Bengaluru, Mumbai, and Delhi NCR. Rentomojo offers both individual products and affordable packages.
Is Furlenco good?
Yes
Which is better Furlenco or RentoMojo?
Rentomojo's asset-light business model works better in the Indian context. In FY17, Rentomojo registered a revenue growth of 7X. While, with higher funding, Furlenco has been able to grow only 2X. While Furlenco is in five cities, Rentomojo is operating in eight.
Author: Purbalee Dutta
Source : https://startuptalky.com/furlenco-success-story/
Date : 2021-07-05T09:18:00.000Z