Furlenco raises $10 Mn in debt

Subscription-based furniture rental company Furlenco has raised Rs 75.3 crore or around $10 million in debt.

Furlenco has passed the resolution in their extraordinary general meeting to allot 75,03,370 compulsory convertible debentures for a period of one year at value of Rs 100 each to raise Rs 75.30 crore, regulatory filings show. These debentures will be converted into Series D2 CCPS at the end of one year or the occurrence of the next funding round whichever is earlier.

Company has issued these debentures to existing investors on a private placement  basis. 19 investors including Lightbox, Eudora Ventures, Eagle Holdings, United oxygen etc participated in the round.

Founded by former Goldman Sachs and Morgan Stanley executive Ajith Mohan Karimpana, Furlenco provides furniture and home decor on rent along with relocation services. The company operates in 13 cities, including Bengaluru, Mumbai, Pune, Hyderabad, Delhi NCR, Chennai, Mysore and Ahmedabad. 

Furlenco directly competes with Rentomojo and Rentickle.

In July last year, the Bengaluru-based Furlenco had raised $140 million in a mix of debt and equity round led by Zinnia Global Fund.