Furlenco sets seal on $10 million round from the current Backers

Bangalore based online furniture rental and home decor services providing company Furlenco has wrapped up $10 million (about Rs 76.4 crore) debt and equity financing round that was conducted by the company’s existing cohort of investors.

Venture capital firms such asLightbox, and Dabur scion were seen in this round of debt and equity financing. Where SaketBurmanhas invested through his personal investment arm and Chowdry Associates put in equity financing. In addition, a host of ultra-high-net-worth individuals including Kris Gopalakrishnan, former chief executive of Infosys, and GauthamRadhakrishnan, a former partner with private equity firm Tata Capital, have provided debt financing through the issuance of non-convertible debentures (NCDs) by the company.

Apart from VCs Bollywood superstar like Aamir Khan is also an existing investor in Furlenco. He has participated in the latest round which is an equal split between debt and equity capital, and the process for which kickstarted in November last year.

Taking note of the occasion, Karimpana expresses his views, “Furlenco is already operationally profitable and this round will further help us progress on our goal of becoming fully profitable in the next 12 to 18 months. The funding round values Furlenco at $125 million.While the ongoing Covid-19 pandemic has definitely impacted all of us, Furlenco’s subscription business model with monthly recurring revenue allows us to be a lot more resilient than many of the other startups who are seeing their monthly revenues plummet significantly.”