Exclusive: Furlenco raises Rs 111 Cr in equity and debt rounds in 2018
Out of the 10 months that we have lived through this year, there were only two months that went without Furlenco raising money, according to several RoC filings by the company. May and July are the months in which the furniture renting portal neither picked up venture capital, nor debt.
So far, this year, the company has raised Rs 33.9 crore in debt capital, and Rs 77.04 in Series C round of venture capital (preference shares). It also sold Rs 17,150 worth 100 equity shares.
There were reports of the company raising Rs 15 crore in the first two months of the year by investors like M Krishna Sindhuri Pvt. Ltd., Rekha Hrishikesh Mafatlal, and Signet Chemical Corporation Pvt. Ltd. But Furlenco further continued raising debt financing.
In March, it raised Rs 90 lakhs via debentures and Gita Talwar lead the round. Two months later, Bandi V. Krishna and Partha Saradhi Reddy Bandi poured in another Rs 10 crore through debt securities.
Last month, Trifecta Capital through its Trifecta Venture Debt Fund – I invested Rs 8 crore in the company. Furlenco had also raised $1.2 million in a debt funding round from Bollywood perfectionist Aamir Khan last year.
The company also had raised Rs 77 crore Series C round led by Lightbox Ventures and Crescent Enterprises Ltd. While Lightbox injected Rs 26.37 crore in April 2018, Crescent Enterprises Ltd invested Rs 20.25 crore in August.
Existing investors such as Axis Capital, KA Living LLP, Toshvin Analytical also participated in the Series C round. With multiple debts round and Series C, Furlenco has raised approximately Rs 290 crore in total funding.
One of the few things it seems to have done with the back to back fundings is expanding its services to Hyderabad and Chennai as well. Furlenco rents self-designed furniture in six other cities including Bangalore, Delhi, and Mumbai via a subscription-based online platform.
With the year coming to an end, the few things that remain to be seen, what plans does the platform have for the funds it has raised.
Furlenco competes with Rentickle, Rentomojo and Mumbai-based Pepperfry that had entered furniture rental space last year as it plans to strengthen volumes and increase its clientele base.
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