At present, technology-led rental space is in a very nascent stage. However, with rising urbanization and the frequent movement of professionals from one city to another, the scope of online rental platforms is bound to grow.
Amidst this enthusiasm, San-Francisco and Bengaluru-based furniture rental company CasaOne has scored $16 million in series B funding round led by Accel Partners.
The investment round also witnessed the participation of Quiet Capital, HNI Corporate, WeWork and existing investors JLL Spark, Freestyle Capital, NextWorld, and Array Ventures.
The company will be looking to use the fresh infusion of funds to invest in hiring technology talent in India, expand further into the US market, and launch operations in London.
These new funds for CasaOne have come after it had raised $10 million led by Accel in August last year. Also, this takes the total funds raised by the company to $27.5 million.
According to data available, the furniture rental industry has seen a growth of 1000% in the last 3 years and has been growing 2.5X every year. India’s furniture rental market which was valued at around $800 million in 2018, is anticipated to grow at an impressive CAGR over the next five years.
Founded by Shashank P S, Carlos Escutia and Madhusudan Kagwad in 2017, CasaOne is a business-to-business (B2B) focused home furniture rental company that helps residents, home stagers, interior designers, and hospitality managers create living spaces by offering 3D visualizations, white-glove assembly, flexible monthly plans, and easy upgrades.
The company which claims to organize, package, ship, deliver, and assemble the ordered furniture in 3-7 business days, had launched its brand ‘BureauOne’ in May 2019 catering to commercial spaces,
Importantly, CasaOne’s core technology, design, product, and engineering team of 70 employees are based in Bengaluru, said an ET report.
Recently, the company began its operations in Chicago and Seattle thus operating out of 9 markets now including New York, New Jersey, Los Angeles, among others.
Furlenco, RentoMojo, RentOnGo, and Rentickle are some of the other players competing in this space.