Furlenco

Last updated

Furlenco
Furlenco.jpg
Type of business Private
Type of site
 Online retailing
Headquarters Bangalore, India
Country of origin India
Area served India
Key peopleAjith Mohan Karimpana CEO & founder, [1] Ashwin Venkataraman COO, Gaurav Sharma Chief Strategy Officer & Chief Customer Officer, Lohith V Chief Technology Officer
IndustryHome & Furniture
Products Furniture
Parent House of Kieraya Private Limited
URL www.furlenco.com
Launched2012

Furlenco is an Indian online furniture rental platform that was incorporated in 2012. [2] [3] [4] [5] [6] [7] [8]

Contents

History

Furlenco was founded by Ajith Karimpana, an engineering graduate from NIT Jalandhar and alumnus of Temple University. It was incorporated in 2012. Before starting his own venture, Karimpana was serving as Vice President of Goldman Sachs in the US. He also has worked for Infosys Technologies and Morgan Stanley. [9] The company is owned and operated by Bangalore-based Kieraya Furnishing Solutions. Initially, the company started as Rent Ur Duniya but was later renamed to Furlenco. [10] In December 2016, Furlenco partnered with Airbnb to offer personalized home interiors. [11] It also partnered with Uber, [12] Pocket Aces, [13] CORT, [14] The Viral Fever, [15] NoBroker, [16] Dharma Productions for 'Badrinath Ki Dulhania', [17] and Red Chillies Entertainment for 'Dear Zindagi' [18]

Funding

The company raised $30 million in October 2016. [19] [20] Furlenco had secured $6 million in its Series A funding round led by LightBox VC in March 2015. [21] Earlier, the company had received funds amounting to $100k via angel funding. [22]

In April 2020, the company closed $10 million (approx ₹76.4 crore) debt and equity financing round led by existing investors. [23]

Business model

Furlenco offers furniture for entire homes on a monthly rental subscription model. [22] Furlenco's rents for living rooms, bedrooms, and dining rooms. [24] [25]

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References

  1. ↑ "Urban millennials don't want to get commited[sic] to things: Furlenco". CNBC. 18 November 2016.
  2. ↑ Nair, Sulekha (25 November 2015). "Online furniture company Furlenco expands to Mumbai, eyes tier 2 cities next". Firstpost.
  3. ↑ Pani, Priyanka (5 July 2016). "Furlenco hopes to re-arrange online furniture market". The Hindu Business Line.
  4. ↑ Jain, Hitisha (3 May 2017). "Renting furniture? How these companies are redefining lives of bachelors in metros". Zee Business.
  5. ↑ "Ikea Effect: Renting Furniture Vs Buying Trend Helps Furlenco Seal Another $30 Million In Funding". The Huffington Post . 20 December 2016.
  6. ↑ Ayyar, Ranjani (29 May 2017). "How startup founders are compensating employees for lack of job security". The Economic Times.
  7. ↑ Agrawal, Rajat (8 July 2016). "This Indian startup doesn't want you to buy furniture ever again". Mashable.
  8. ↑ "Furniture on rent: Furlenco steps in to change the market mentality". Deccan Chronicle. 28 May 2016. Retrieved 25 October 2017.
  9. ↑ Kumar, Nandini (14 September 2014). "Set up your home on a budget". Bangalore Mirror.
  10. ↑ Mishra, Swadha (23 September 2015). "Furlenco redefining the furniture rental space in India". Entrepreneur.
  11. ↑ Desikan, Aparna (23 December 2016). "Furlenco partners with Airbnb". Times of India.
  12. ↑ "Online furniture company Furlenco starts operations in Pune". The Economic Times. ETtech. 6 April 2016.
  13. ↑ Laghate, Guarav (22 February 2017). "Furlenco partners with Pocket Aces to target millennials". The Economic Times.
  14. ↑ Shaikh, Shadma (18 December 2015). "Furlenco to serve US customers". Asian Age.
  15. ↑ "Furlenco Powers TVF's New Sketch 'Truth or Dare with Dad'". Adageindia.in. 19 April 2016.
  16. ↑ "Furlenco ties up with NoBroker to ease furnishing woes". The Economic Times. Asian News International. 11 May 2016.
  17. ↑ "Furlenco launches #SWAGGHAR campaign to engage with tech-savvy millennial". The Economic Times. 7 March 2017.
  18. ↑ Laghate, Gaurav (22 November 2016). "Now, Red Chillies partners with online furniture rental firm Furlenco for 'Dear Zindagi'". The Economic Times.
  19. ↑ Mannes, John (19 October 2016). "Furlenco's $30 million raise shows furniture rental is working for Indian millennials". TechCrunch.
  20. ↑ Livni, Ephrat (28 October 2016). "An Indian startup raised $30 million because millennials don't even want to own furniture". Quartz (publication).
  21. ↑ Sahay, Priyanka (23 March 2015). "Online furniture rental venture Furlenco raises $6M from LightBox Ventures". VCCircle.
  22. 1 2 Modgil, Shweta (19 February 2016). "How Losing 90% Of His Investment For Furniture Prompted Ajith To Start His Own Furniture Lending Company". Inc42.com.
  23. ↑ Gooptu, Biswarup (1 April 2020). "Furlenco closes $10 million round from existing backers - ETtech". ETtech.com. Retrieved 23 September 2020.
  24. ↑ Dubey, Tanya (28 July 2017). "This company is helping millennials to never settle down in one city". Business Insider.
  25. ↑ Rai, Saritha (4 May 2015). "Tech Start-Ups in India Attract Big Name Investors, and Money". The New York Times .
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