Bengaluru-based Furlenco, a startup that offers a home furniture rental service, said it has raised US$10 million in debt and equity from new and existing investors.
Backers in the round included family offices, former CEOs, ultra high-net-worth individuals, as well as institutions such as Vivriti Capital, according to a statement. Local media reported venture capital firm Lightbox and bollywood star Aamir Khan also invested.
Furlenco founder and CEO Ajith Mohan Karimpana / Photo credit: Furlenco
Furlenco was founded in 2011 by former Goldman Sachs and Morgan Stanley executive Ajith Mohan Karimpana. It offers a subscription service for a range of curated home furniture.
Karimpana told Tech in Asia that Furlenco plans to use the new funds to extend its runway “as far as possible,” looking toward sustainable growth. The chief exec also said that while the company is already operationally profitable, Furlenco aims to become fully profitable in the next 12 to 18 months.
Amid the Covid-19 pandemic, Karimpana said that Furlenco’s business model and monthly recurring revenue has allowed it to stay afloat.
“However, the times are tough and uncertain,” he said. “We look forward to some specific announcement from the government around supporting the startup community with a dedicated financial package for revival.”
India has been placed on lockdown last week, forcing several businesses to suspend operations.
To date, Furlenco has raised an estimated US$43 million in equity funding and roughly US$45 million through debt deals. It has paid off about US$20 million of that debt so far, according to an Economic Times report.
Editing by Charmaine de Lazo
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