Furlenco

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Furlenco
Furlenco.jpg
Type of businessPrivate
Type of site
Online retailing
HeadquartersBangalore, India
Area servedIndia
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
ProductsFurniture
URLwww.furlenco.com
Launched2012

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

History[]

Furlenco was founded by Ajith Karimpana, an engineering graduate from NIT Jalandhar and alumnus of Temple University. It was incorporated in 2019 . 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]

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. ^ a b 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.{{cite web}}: CS1 maint: url-status (link)
  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.

External links[]

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