Furlenco, a furniture rental firm, has raised Rs 75.3 crore ($10 million) in debt
- ByStartupStory | February 24, 2022
Furlenco, a subscription-based furniture rental startup, has raised Rs 75.3 crore in debt, or almost $10 million.
According to regulatory documents, Furlenco’s extraordinary general meeting approved a resolution to allocate 75,03,370 obligatory convertible debentures for a one-year period at a value of Rs 100 apiece to raise Rs 75.30 crore. At the conclusion of one year or the start of the next financing round, whichever comes first, these debentures will be converted into Series D2 CCPS.
On a private placement basis, the company offered these debentures to existing investors. The round attracted 19 investors, including Lightbox, Eudora Ventures, Eagle Holdings, United Oxygen, and others.
Furlenco, founded by Ajith Mohan Karimpana, a former Goldman Sachs and Morgan Stanley executive, sells furniture and home décor for rent as well as relocation services. Bengaluru, Mumbai, Pune, Hyderabad, Delhi NCR, Chennai, Mysore, and Ahmedabad are among the company’s 13 locations.
Furlenco, located in Bengaluru, received $140 million in a loan and equity transaction headed by Zinnia Global Fund in July of last year.
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