Furniture Rental Startup, Furlenco, Raises $30 Million
Eyes Set On Catering To The Needs Of Millennials
Indian startup, Furlenco, has just raised a funding of $30 million. A closer breakdown of this funding shows that the company raised $15 million in equity from Lightbox Ventures and Axis Capital, and $15 million in debt financing from banks, NBFCs and individual investors.
A Seemingly Average Idea Has Worked Wonders
The idea of ownership has undergone a considerable change in last one decade; it is especially true in the western countries. The youth there no longer places as much importance on owing things as they once did. Instead a new model of renting stuff has taken over. In India, with rising MRPs and cost of living, it wouldn’t have taken much time for this trend to spread here as well.Furlenco, a furniture rental startup, was founded by Ajith Mohan Karimpana, CEO, in 2011 and since then it has come a long way in proving many assumption wrong. For starters, given our society being a more conservative one, not many had believed that youngsters will, one day, start renting stuff more than buying. But Furlenco has shipped over $20 million worth of furniture till date to 15,000 homes.
Ajith Mohan Karimpana’s Thoughts On This Trend
Ajith thinks of the reservations that our earlier generation had in using other people’s things have given way to a new, more independent lifestyle. Using Uber-like services or using other people’s homes for a stay over was completely out of the question. But then Uber and Airbnb happened to the world and brought along a paradigm shift in the market. According to him, millennials these days don’t care about ownership; they want experience over ownership. And this is what Furlenco is offering them.
How Furlenco is Serving its Customers?
The startup offers high-quality-high ascetics furniture for rent. One can select from their vast collection of all kinds of furniture and select their preference and it get delivered in 72 hours. It’s also easy to exchange furniture and get replacements as per your taste. It is way less complicated than buying and then selling it while shifting base.
Right now the startup has presence in Mumbai, Pune and Bangalore.
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