Online furniture rental firm Furlenco has secured Rs 16 crore as a part of Series C equity funding round from existing investor, Dabur family’s asset management firm Chowdry Associates, at an estimated valuation of Rs 692 crore.
The RoC filings with the Ministry of Corporate Affairs shows that the Bengaluru-based Furlenco has passed a resolution to increase its authorized capital and allot 6,53,871 Series C5 preference shares to Chowdry Associates for Rs 244.7 per share amounting to Rs 16 crore.
Out of the total amount allotted in this investment round, it has received Rs 4 crore till date. Remaining Rs 12 crore would be received in the future calls.
The fresh capital for the company has come after around three months. Previously, it had secured Rs 2.5 crore debt funding from Sandeep Baid, Shakuntalam Holdings and Ritona Vincom in November 2019.
In August last year, Furlenco had also bagged Rs 7 crore debt fund from Chowdry Associates.
The firm had received Rs 77 crore as the first tranche of the ongoing Series C round led by Lightbox Ventures and Crescent Enterprises Ltd. in 2018.
Started in 2012 by Ajith Karimpana, Furlenco is a subscription-based online rental furniture platform that provides furniture and home decor on rent.
The company rents self-designed furniture for the bedroom, living room, dining room and kid’s room. As soon as a user completes three months with the company, he/she can avail its free relocation service once every 12 months.
Currently operational in 10 Indian cities including Delhi, Gurugram and Noida, the company recently launched its services in Hyderabad and Chennai.
As per Furlenco’s annual financial statements for the year ending 2019, it’s revenue increased by 58% to Rs 64 crore from Rs 40 crore in FY18. The net losses stood at Rs 64 crore at the end of the last fiscal.
Furlenco directly competes with Rentickle and Rentomojo.