[Funding alert] House of Kieraya raises $15M from TradeCred
House of Kieraya, well-known for furniture and lifestyle rental brandon Tuesday announced that it has entered into a $15 million asset financing deal with TradeCred, India’s largest alternate debt platform. Over eight large family offices participated in this deal.
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.
In a recent move, Furlenco has formed House of Kieraya (HoK) that includes Furlenco, its sub-brand - UNLMTD - a furniture subscription service, and Furbicle - a remanufactured furniture brand.
“We believe that one single model cannot address the entire furniture market. With HoK, we are creating a continuum of sorts for the furniture needs of different segments, and at different stages of their life. Rental, subscription, re-commerce, and retail brands are the way forward in this journey, said Ajith Mohan Karimpana, Founder and Chief Executive, House of Kieraya (HoK).
Ajith Mohan Karimpanna, CEO, Furlenco
Commenting on the investment, Hardik Shah, Founder, TradeCred added,
“The furniture and appliances rental space is one of the most resilient asset classes for investors, as consumers are switching to subscription-driven models during the pandemic. With Furlenco being the market leader and the fastest growing business in the space, TradeCred is delighted to partner with HoK to scale efficiently with an asset light model."
TradeCred, founded in 2018, has deployed $250 million till date. On the Asset Leasing side, TradeCred has partnered with 50+ businesses to help them scale faster with an asset light model.
Vaibhav Laddha, Head of Corporate Finance at House of Kieraya (HoK) said,
“We are seeing unprecedented growth that has exceeded our expectations. Our partnership with TradeCred will help fuel the asset demand that is coming on the back of our aggressive growth and expansion plans. In the past six months, we have seen a 100 percent growth, and we are looking at another 100 percent growth in the next six months."
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