Furniture Company Furlenco Raises $140 Million From Zinnia Global Fund
- ByStartupStory | July 5, 2021
Furniture subscription company Furlenco raises $140 million from Zinnia Global Fund that is approximately Rs. 1000 crore in a mix of debt and equity as part of its latest funding round. The funding would help the company to expand its geographical reach, launch new products, and increase its marketing tools. Ajith Mohan Karimpana, the chief executive of Furlenco said, “ A large part of the fund raise is a long term structured debt whereas the remaining is equity capital.” Furlecno saw a flat growth in the fiscal year 2020 – 2021, and raised a revenue of Rs 100 crore, however it is expected that the company would increase its turnover by a whopping amount of Rs 2300 – 2500 crore in the next five years. Furlenco was founded in 2012 and at present has reached out to serve 13 cities such as Bengaluru, Mumbai, Pune, Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, Hyderabad, Chennai, Mysore, Ahmedabad and Jaipur, its next target is obviously Tier II and Tier III series.
According to Karimpana, the pandemic has thrown open new opportunities for companies such as Furlenco, with the rental market having seen a massive change. Lifestyles have evolved and so have the needs of the urban Indian when it comes to how they do up their home, he said. “However, the furniture industry has some catching up to do in providing the right kind of solutions.” Tushar Singhvi, deputy-CEO of existing investor CE-Ventures, said: “Capitalising on the massive potential of the home market and the prospects of expansion to the Middle East region and beyond, we continue to support the company along its growth path, in its product innovation and through its sustainability efforts.” According to the redseer report, the furniture company had a worth of Rs. 33,500 crore and was predicted to grow annually at a steady rate of 11 % in the fiscal years of 2021 – 2025
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