Subscription-based online furniture rental startup Furlenco announced on Sunday that it has raised $140 Mn in Series D round. The bifurcation between debt and equity funding is still not known. However, the latest round reasserts the Bengaluru based startup’s fixation with debt funding. It must be noted that Furlenco has been raising debt funding at regular interval. Its last debt funding round was as early as January 2021.
Although the startup has maintained silence over its valuation, it certainly commands the highest valuation in the online furniture subscription space. More than its nearest rival Rentmojo, which was valued around $100 Mn during its last funding round in March 2021.
Furlenco’s latest series D round was led by Zinnai Global Fund while existing investor Lightspeed Venture also participated in the round. The company will use the fresh fund infusion to cater to the larger audience in Tier 1 and Tier 2 cities. The company said that it is aiming to clock $300 Mn or INR 2,300 – 2,500 crore revenue in the next 5 years.
At a broader level, Furlenco said that it is aiming to become the “Netflix of the online furniture rental market.”
In FY20, the online furniture rental company managed to clock an operation revenue of 90 Cr. This was a substantial increase from its FY19 revenue that stood at around 63 Cr. The company’s expenses in FY20 stood at 177 Cr as compared to INR 144 Cr in Fy19.
Apart from furniture, the platform also offers a wide range of home appliances, fitness equipment and two-wheelers on subscription. The company equally counts Bollywood celebrity Amir Khan as one of its celebrity investors.