Furlenco, a Bangalore-based startup, just got $140 million in funding. Individuals and companies can rent furniture from a company. The money raised in a funding round will be utilized to help the startup boost its business throughout the South Asian market as well as in foreign nations.
“The money we have collected would contribute to our journey and support our expansion through financing and innovation,” the startup recently stated. Along with furniture, the company wants to broaden the category by adding workout equipment, housewares, electronics, and two-wheeler vehicles to its marketplace. The company rents out furniture at a very low cost; for example, a queen size bed may be rented over the platform for $9 per month.
The startup attracts a large number of clients due to the wide availability of low-cost products and high-quality service. Furthermore, the company guarantees product’s delivery within three days. Furlenco has been renting furniture to people of Bengaluru, Delhi/NCR, Hyderabad, Chennai, Pune, Mumbai, Jaipur, Mysore, and other cities since 2012. The addition of new products to the platform will help the startup heal and maintain 95 percent of its gross sales from the previous financial year, which ended in March.
On the other hand, the investors are also excited to work with the startup, recently one of the investors of the startup express his excitement and said “We are delighted to tie up with Furlenco, which is quickly revolutionizing Furniture subscription offerings for India’s lifestyle enthusiasts,” stated Ritesh Abbi, Zinnia Global Fund, a Furlenco investor. Furlenco is ready for ongoing significant expansion as an industry leader with a competent management squad” he furthermore added.
With the passing of time people’s lifestyles evolved significantly, and this rapid evolution occurred changes in the modern Indian’s choices. Furlenco, on the other hand, continued to work to satisfy the needs of the people, and this investment will aid the business in meeting those changing needs and providing excellent products at a reasonable price.