India settled Furniture subscription platform, Furlenco has raised Rs 20 crore in debt from BlackSoil Capital.
Founded in 2012 by Mr. Ajith Mohan Karimpana (Ex-Goldman Sachs), Furlenco operates as a Furniture Subscription Platform. To date, the company has furnished over 150,000 homes across 8 major cities in India and has an AUM worth INR 200+ Cr.
Speaking on the fundraise, Ajith Karimpana, Founder & CEO of Furlenco said, “The year 2021 will see a new phase of growth for Furlenco. We have a lot of exciting initiatives planned for this year that will unravel over the next six to nine months. We are delighted to have BlackSoil as our latest partner. BlackSoil has quickly emerged as a prominent venture debt player helping startups across the board in their growth journey.”
“Furlenco is offering an alternative solution that delivers high value to the customers while providing the much-needed flexibility. Subscription model proved to be robust during the covid period and it is our pleasure to partner with Furlenco to help them achieve the next level of growth” Ankur Bansal, Co-founder of BlackSoil Capital said.
Adding to the statement, Vaibhav Laddha, Head of Corporate Finance at Furlenco said, “We have built a very strong lender ecosystem over the years – be it venture debt, NBFCs, or family offices. Our subscription business model, high-quality revenue yielding assets, and consistent operating profitability are key factors that make Furlenco an attractive debt proposition for the lenders.”
Furlenco has raised close to $51 Mn in equity funding from investors like Lightbox Ventures, Crescent Ventures, Deepika Padukone & Burman Family Office and has also raised close to $45 Mn in debt funding from its strong HNI network and various financial institutions.