Furlenco, Bengaluru-based Indian online furniture rental service provider, said it has raised US$10 million in debt and equity from new and existing investors. Furlenco to use new funds to extend its business and to grab more market share in furniture market.
According to Tech in Asia report, Backers in the round included family offices, former CEOs, ultra high-net-worth individuals, as well as institutions such as Vivriti Capital, according to a statement. Local media reported venture capital firm Lightbox and bollywood star Aamir Khan also invested.
Furlenco was founded by Ajith Karimpana, an engineering graduate from NIT Jalandhar and alumnus of Temple University. Furlenco was incorporated in 2012. Before starting his own venture, Karimpana was serving as Vice President of Goldman Sachs in the US.
Karimpana told that Furlenco plans to use the new funds to extend its runway “as far as possible,” looking toward sustainable growth. The chief exec also said that while the company is already operationally profitable, Furlenco aims to become fully profitable in the next 12 to 18 months, added in Tech in Asia report.
Amid the Covid-19 pandemic, Karimpana said that Furlenco’s business model and monthly recurring revenue has allowed it to stay afloat.