Furniture subscription company, Furlenco raises $140 million

Founded in 2015, Furlenco is an online-only platform and offers furniture packages across all key categories, such as living room furniture, beds, dining tables, study solutions, workstations, loungers and more. As part of its value-added services, its customers have the ability to swap their furniture when they want to try a new look or when their needs change. Furlenco promises 72-hour free delivery, assembly, and set up. Additionally, customers can have their furniture relocated for free and can also have it deep cleaned at no extra cost.

Furlenco's furniture is designed by its in-house team of experts and is targeted at the Gen Z generation that the venture says is nonconventional in nature, believes in experiencing rather than owning and doesn’t feel the need to “settle down in order to live their best life. From a handful of orders in its first year Furlenco today has furnished over 170,000 homes.

Ajith Mohan Karimpana, Founder & CEO, Furlenco said, “Lifestyles have evolved and so have the needs of the urban Indian when it comes to how they do up their home. However, the furniture industry has some catching up to do in providing the right kind of solutions. We are excited to lead the way in transforming how people access furniture and we want to keep innovating in this space. The funds we have raised will play a critical role in this journey and fuel our growth with investments and design. We know there is immense strength and scope of innovation in the B2C commerce space and the sectors we operate in. We are tapping into that potential and will definitely disrupt the market with what we are planning.”

According to the 2020 Redseer Report, the rental furniture and appliance industry currently stands at around Rs 33,500 crore ($4.6 Billion), and is expected to grow at a CAGR of 11% between 2021-25.

As a part of its expansion efforts, Furlenco recently announced its entry into Jaipur, Mysuru, and Ahmedabad, and is now looking to launch in more Tier 1 and Tier 2 cities. With this, Furlenco is now available in 13 cities, including Bengaluru, Mumbai, Pune, Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, Hyderabad, Chennai, Mysore, and Ahmedabad.

"We are excited to partner with Furlenco, which is rapidly transforming Furniture subscription services for India's lifestyle aspirants. As an industry leader with a strong management team, Furlenco is poised for continued strong growth” said Ritesh Abbi, Zinnia Global Fund

Tushar Singhvi, Deputy CEO & Head of Investments from CE-Ventures, which successfully led Furlenco’s Series C funding round of $17.5 million and joined its board of directors in 2019, commented: “Furlenco’s award-winning furniture offerings represent an answer to the rapid pace of urbanization in India. Capitalizing on the massive potential of the home market and the prospects of expansion to the Middle East region and beyond, we continue to support the company along its steady and promising growth path, in its product innovation and through its sustainability efforts.”

Sid Talwar from Lightbox Ventures said, “We are very excited to support Furlenco as they continue to harness the power of the circular economy. No matter what the challenge in front of them, Furlenco has always balanced its economic ambitions with its sustainability goals. With this raise, the company will step closer to closed-loop operations, and we hope their example helps to pave the way for other companies to embrace business models in which nothing becomes waste.”

Other than furniture, Furlenco also offers a host of appliances such as laptops, microwave ovens, LED televisions, washing machines, and has recently launched and expanded its services to renting two-wheelers, gaming consoles, entertainment and fitness equipment as well.