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Furlenco

Furlenco is an Indian online furniture rental platform that was incorporated in 2012.[2][3][4]

History

Furlenco was founded by Ajith Karimpana, an engineering graduate from NIT Jalandhar and alumnus of Temple University. It was incorporated in 2012. Before starting his own venture, Karimpana was serving as Vice President of Goldman Sachs in the US. He also has worked for Infosys Technologies and Morgan Stanley.[5] The company is owned and operated by Bangalore-based Kieraya Furnishing Solutions. Initially, the company started as Rent Ur Duniya but was later renamed to Furlenco.[6] In December 2016, Furlenco partnered with Airbnb to offer personalized home interiors.[7] It also partnered with Uber,[8] Pocket Aces,[9] CORT,[10] The Viral Fever,[11] NoBroker,[12] Dharma Productions for 'Badrinath Ki Dulhania',[13] and Red Chillies Entertainment for 'Dear Zindagi'[14]

Funding

The company raised $30 million in October 2016.[15][16] Furlenco had secured $6 million in its Series A funding round led by LightBox VC in March 2015.[17] Earlier, the company had received funds amounting to $100k via angel funding.

In April 2020, the company closed $10 million (approx ₹76.4 crore) debt and equity financing round led by existing investors.[18]

Business model

Furlenco offers furniture for entire homes on a monthly rental subscription model.[19] Furlenco's rents for living rooms, bedrooms, and dining rooms.[20][21]

External links

References

  1. Urban millennials don't want to get commited to things: Furlenco CNBC, 18 November 2016^
  2. Ikea Effect: Renting Furniture Vs Buying Trend Helps Furlenco Seal Another $30 Million In Funding The Huffington Post, 20 December 2016^
  3. Ranjani Ayyar. How startup founders are compensating employees for lack of job security The Economic Times, 29 May 2017^
  4. Rajat Agrawal. This Indian startup doesn't want you to buy furniture ever again Mashable, 8 July 2016^
  5. Nandini Kumar. Set up your home on a budget Bangalore Mirror, 14 September 2014^
  6. Swadha Mishra. Furlenco redefining the furniture rental space in India Entrepreneur, 23 September 2015^
  7. Aparna Desikan. Furlenco partners with Airbnb Times of India, 23 December 2016^
  8. Online furniture company Furlenco starts operations in Pune The Economic Times, 6 April 2016^
  9. Guarav Laghate. Furlenco partners with Pocket Aces to target millennials The Economic Times, 22 February 2017^
  10. Shadma Shaikh. Furlenco to serve US customers Asian Age, 18 December 2015^
  11. Furlenco Powers TVF's New Sketch 'Truth or Dare with Dad' Adageindia.in, 19 April 2016^
  12. Furlenco ties up with NoBroker to ease furnishing woes The Economic Times, 11 May 2016^
  13. Furlenco launches #SWAGGHAR campaign to engage with tech-savvy millennial The Economic Times, 7 March 2017^
  14. Gaurav Laghate. Now, Red Chillies partners with online furniture rental firm Furlenco for 'Dear Zindagi' The Economic Times, 22 November 2016^
  15. John Mannes. Furlenco's $30 million raise shows furniture rental is working for Indian millennials TechCrunch, 19 October 2016^
  16. Ephrat Livni. An Indian startup raised $30 million because millennials don't even want to own furniture Quartz (publication), 28 October 2016^
  17. Priyanka Sahay. Online furniture rental venture Furlenco raises $6M from LightBox Ventures VCCircle, 23 March 2015^
  18. Biswarup Gooptu. Furlenco closes $10 million round from existing backers - ETtech ETtech.com, 1 April 2020, retrieved 2020-09-23^
  19. Shweta Modgil. How Losing 90% Of His Investment For Furniture Prompted Ajith To Start His Own Furniture Lending Company Inc42.com, 19 February 2016^
  20. Tanya Dubey. This company is helping millennials to never settle down in one city Business Insider, 28 July 2017^
  21. Saritha Rai. Tech Start-Ups in India Attract Big Name Investors, and Money The New York Times, 4 May 2015^