Furlenco, a furniture rental company, has laid off 180 employees as part of a restructuring

• ByStartupStory     |    March 26, 2022

Furlenco, a furniture rental business, has cut off roughly 180-200 employees, the majority of whom worked in customer service jobs such as grievance handling, scheduling, and other operations, according to numerous persons familiar with the matter.

The layoffs follow the company’s decision to scale back operations in a number of metro and non-metro locations, including Pune, Kolkata, and Ahmedabad. According to the people described above, it has also outsourced responsibilities such as asset management, including repair and maintenance, as well as asset collection for returns, to third-party parties.

CE-Ventures, Zinnia Global Fund, Lightbox, and Bollywood actor Aamir Khan, among others, have sponsored the Bengaluru-based firm. Since its founding in 2012 by former Goldman Sachs and Morgan Stanley employee Ajith Mohan Karimpana, the rental business has raised $60 million. It competes with Rentomojo and Cityfurnish, among others.

Two more sources verified that the restructuring was done to save costs at the company. The ten-year-old company raised $140 million (Rs 1,000 crore) in a mix of debt and equity led by Zinnia Global Fund in July of last year.
Furlenco confirmed the news on Saturday, claiming that in the months of January and February of this year, the company laid off close to 180 employees. It went on to say that the majority of the layoffs were in customer service positions, with the team’s operations, technology, and sales activities remain unchanged.Furlenco confirmed the news on Saturday, claiming that in the months of January and February of this year, the company laid off close to 180 employees. It went on to say that the majority of the layoffs were in customer service positions, with the team’s operations, technology, and sales activities remain unchanged. Furlenco’s reduction comes at a time when a slew of Indian businesses have laid off employees in an effort to save money as institutional investment begins to dry up, fueled by market instability.

 

 

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