As a part of its expansion efforts, Furlenco, India's largest furniture subscription company, has announced its entry into Jaipur, Mysuru, and Ahmedabad, and is now looking to launch in more Tier-I and Tier II cities. With this, Furlenco is now available in 13 cities, including Bengaluru, Mumbai, Pune, Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, Hyderabad, Chennai, Mysore, and Ahmedabad.
The brand has recently raised Rs 1,000 crore in a mix of debt and equity, as part of its latest funding round led by Zinnia Global Fund. With this, Zinnia Global Fund joins the list of the company's investors along with CE-Ventures and Lightbox Ventures, who also participated in this round. ICBC and DPNC acted as advisors on the transaction.
Ajith Mohan Karimpana, Founder & CEO, Furlenco said, “Lifestyles have evolved and so have the needs of the urban Indian when it comes to how they do up their home. However, the furniture industry has some catching up to do in providing the right kind of solutions. We are excited to lead the way in transforming how people access furniture and we want to keep innovating in this space.”
With this new fundraising, the company will cater to much larger audiences with more tailored solutions and brand new offerings, while continuing to focus on sustainability at the very core of the business.
Having grown at a CAGR of 120 percent between FY15-20, despite the pandemic, Furlenco was able to preserve 95 percent of its revenue in FY21. The business is now looking at scaling its annual revenue to Rs 2,200 crore in the next 5 years, generating Rs 650 crore in free cash annually, by FY26.
“The funds we have raised will play a critical role in this journey and fuel our growth with investments and design. We know there is immense strength and scope of innovation in the B2C commerce space and the sectors we operate in. We are tapping into that potential and will definitely disrupt the market with what we are planning,” Karimpana added.
Furlenco offers furniture packages across all key categories, such as living room furniture, beds, dining tables, study solutions, workstations, loungers, and much more. As part of its value-added services, its customers have the ability to swap their furniture when they want to try a new look or when their needs change. Furlenco promises 72-hour free delivery, assembly, and set up. Additionally, customers can have their furniture relocated for free and can also have it deep cleaned at no extra cost.
Other than furniture, Furlenco also offers a host of appliances such as laptops, microwave ovens, LED televisions, washing machines, and has recently launched and expanded its services to renting two-wheelers, gaming consoles, entertainment, and fitness equipment as well.