Furlenco, a Bangalore startup that rents furniture and appliances, announced today that it raised $140 Million in financing. The company plans to expand its operations in South Asia and explore international markets.TechCrunch learned that the new $140 million Series D financing round includes $120 million in debt raise and equity rest. Zinnia Global Fund led the new round of financing. This round also included CE-Ventures, Lightbox Ventures, and brings the total debt and equity raised to more than $240 million to date, according to Tracxn data insight platform.Furlenco is a furniture rental company that operates in over a dozen Indian cities. It has also expanded into other categories, including appliances, fitness equipment, and two-wheeler vehicles.For as little as $9 per month, a queen-sized bed can be purchased on the platform. A monthly rental of a laptop is available for as low $40. Customers have been attracted to the startup partly because of its three-day delivery promise and free deep cleaning. It has a partnership with NoBroker (an Indian startup backed by General Atlantic) that allows customers to avoid brokers when searching for new apartments.It stated that the startup was able to expand into newer areas and retain 95% of its revenue for the financial year ending in March. Lightbox Ventures stated that Furlenco might expand into the Middle East and other international markets.Rentomojo is a competitor to the startup. The startup said that it will use the new capital to support its growth, invest in design, and generate $300 million annually over the next five year.Urban Indians' lifestyles have changed and so has their need to decorate their homes. The furniture industry still has a lot of work to do in finding the right solutions. We are aware of the immense potential for innovation in B2C commerce and the industries we work in. Ajith Mohan Karimpana is the founder and chief executive officer of Furlenco.Like many other platforms, rent platforms saw a significant dip last year due to the coronavirus. The market it is pursuing remains hugely lucrative. Industry estimates show that the rental furniture and appliance market is worth more than $4.5 billion.Furlenco is a fast-transforming furniture subscription service for Indians. We are thrilled to be partnering with Furlenco. Furlenco, an industry leader and a strong management team is poised to continue strong growth, stated Ritesh Abbi from Zinnia Global Fund.
