[Funding alert] Furniture rental startup Furlenco raises Rs 16 Cr from Dabur's family office
Furlenco has raised Rs 16 crore in its ongoing Series C round from existing investor Saket Burman, Director of Dabur, via New Delhi-based family office Chowdry Associates.
At a premium of Rs. 234.70 per share, a total of 6,53,871 compulsorily convertible preference shares (CCPS) were allotted to the investor.
The Bengaluru-based online furniture rental startup's regulatory filings suggest that only Rs 4 crore was wired so far, the remainder of Rs 12 crore is yet to be transferred.
In March 2019, Furlenco had raised over $5.84 million (Rs 40.46 crore) in its Series C funding round from Lightbox Ventures, Crescent Enterprises. The round also saw participation from Hong Kong-based millionaire Romnesh Lamba, Garware business tycoon Monika Garware, and Saket Burman via Chowdry Associates, Innovative Quest (owner of Featherlite office furniture).
The startup plans to raise $50 million in its Series D funding.
Founded by Ajith Mohan Karimpana in 2011, Furlenco offers furniture for homes on a subscription-basis in Bengaluru, Delhi-NCR, Hyderabad, Chennai, Mumbai, and Pune. It competes with the likes of Rentomojo, GrabOnRent, Guaranted, CityFurnish, Rentickle, Voko, and RentSher, among others.
Furlenco had raised $6 million in its Series A funding in March 2015, while its Series B round was of $30 million came about in October 2016. While half of the funding amount ($15 million) was equity, the other half was raised as debt by the company.
As of 2019, Kieraya Furnishing Solutions Private Limited, the parent company of Furlenco, reported revenue of Rs 64 crore in FY19, up by 58 percent from Rs 40 crore in FY18. The startup also reported a loss of Rs 80.03 crore in the financial year 2019.
This is a rise from the Rs 64 crore loss the company reported in FY18, according to filings with the Registrar of Companies (RoC).
(Edited by Saheli Sen Gupta)