Online furniture rental platform Furlenco has started 2021 exactly the way it started the 2020. It ended the 2020 with Rs 53 Cr debt funding, ending the pandemic inflicted year on a pretty optimistic note. Now barely three weeks into 2021, it has got yet another debt infusion.
The Bengaluru headquartered startup has now raised Rs 44 Cr debt from Black Soil Capital and Crescent Enterprises Limited. This Rs 44 Cr funding will come in two tranches, with Black Soil and Crescent Enterprises giving Rs 20 Cr while Crescent will bring another 24 Cr on the board over the period of next three years.
It must be noted that Crescent had also participated in the Rs 53 debt infusion that took place barely two months back.
Furlenco’s top competitors
Furniture space has not proved to be a good hunting ground as far as funding is concerned. Online furniture marketplace players including Preffery have not been able to raise any big-ticket funding for quite some time now. In fact, one of the top players Urban Ladder recently sold its business to Reliance in a distress sale.
The distress sale is a clear indication of the fact that online furniture is not a very easy market. However, furniture rental space is proving to be a different ball game. Furlenco’s two back-to-back debt funding clearly reflects investor’s cautious optimism about this market.
Furlenco has also got a glamorous quotient with Bollywood superstar Amir Khan investing in the startup in 2017. Notably, last year Amir Khan had also invested in the online lingerie startup Zivame. Techpluto had exclusively reported about this story.
To increase its revenue stream, Furlenco had also entered the bike rental space last year. It has tied up with bike rental startup Bounce for this project. Furlenco had ended the financial year 2019 with Rs 64 Cr revenue. The company is yet to file its FY20 financial statement.