[Funding alert] BlackSoil Capital invests Rs 20 Cr into furniture subscription platform Furlenco
Kieraya Furnishing Solutions Private Limited (Furlenco) has raised Rs 20 crore in venture debt funding from BlackSoil Capital. Founded by Ajith Mohan Karimpana, Furlenco operates as a furniture subscription platform and has furnished over 150,000 homes in eight cities in India.
Furlenco is a furniture rental startup that offers quality furniture that is designed in-house. The furniture is delivered free of cost at the customer's doorstep within 72 hours and the company provides customers with facilities like annual cleaning, option to swap furniture, and free relocation.
“The year 2021 will see a new phase of growth for Furlenco. We have several initiatives planned for this year that will be launched over the next six to nine months. We are delighted to have BlackSoil Capital as our latest partner. BlackSoil has quickly emerged as a prominent venture debt player, helping startups across the board in their growth journey,” said Furlenco’s Founder and CEO, Ajith Karimpana.
Furlenco has raised close to $51 million in equity funding from investors like Lightbox Ventures, Crescent Ventures, Deepika Padukone, and the Burman Family Office. It has also raised close to $45 million in debt funding from its strong HNI network and various financial institutions.
“Furlenco is offering an alternative solution that delivers high value to the customers while providing much-needed flexibility. The subscription model proved to be robust during the COVID-19 crisis, and it is our pleasure to partner with Furlenco to help them achieve the next level of growth,” stated BlackSoil Group Co-founder Ankur Bansal.
BlackSoil Capital, an NBFC, has deployed Rs 1,000 crore in the last four years across over 80 transactions. Blacksoil’s past deals include OYO, Spinny, Purplle, Zetwerks, Vogo, and TVF, among others. Blacksoil also recently raised Rs 126 crore in the first close for its maiden secured credit fund.
“We have built a very strong lender ecosystem over the years – be it venture debt, NBFCs, or family offices. Our subscription business model, high-quality revenue yielding assets, and consistent operating profitability are key factors that make Furlenco an attractive debt proposition for the lenders,” said Vaibhav Laddha, Head of Corporate Finance at Furlenco.
Edited by Kanishk Singh