Furlenco's annual revenue falls 10.4% as business slows
The company's main rival Rentomojo reported strong results on the back of an increase in subscription and demand.
Furniture subscription platform recorded a slight increase in annual loss for the year, while revenue from operations fell 10.4%.
The company posted a consolidated revenue from operations of Rs 139.56 crore for the year ended March 31, 2024, compared with Rs 155.78 crore last year.
The company's loss for the year slightly broadened to Rs 130.22 crore, compared with Rs 128.38 crore a year ago. Total expenses for the year were flat, its financial statements showed.
Furlenco's biggest rival Rentomojo reported a 3X increase in its profit after tax to Rs 22 crore for FY24, led by strong consumer demand and an increase in average items rented.
Rentomojo's net revenue jumped 60% to Rs 193 crore in the period under consideration.
Founded in 2012 by Ajith Mohan Karimpana, and operating under the banner of House of Kieraya, Furlenco has raised a total of $269.47 million in funding, according to Inc42's database. Its investors include Zinnia Global Fund, Lightbox Ventures, UAE-based CE-Ventures, and Bollywood superstar Aamir Khan, among others.
It last raised $140 million in a Series D funding round that comprised equity and debt.
Sleepwell and Kurlon-owner Sheela Foam had picked a 10.5% stake in Furlenco last month, on top of the 35% stake it had purchased in 2023 for Rs 300 crore.
Edited by Affirunisa Kankudti