India-based furniture rental service provider Furlenco has secured $140m in debt and equity financing in a series D round featuring CE-Ventures, the corporate venture capital arm of diversified conglomerate Crescent Enterprises, TechCrunch reported on Sunday.
The round, which consisted of $20m of equity funding and $120m of debt financing, was led by Zinnia Global Fund with backing from venture capital firm Lightbox Ventures.
Furlenco runs an online platform which lets customers rent a variety of furniture, décor and home appliances. It will use the series D funding to grow its domestic operations and expand internationally.
The company has received over $240m in debt and equity financing to date, according to financial data aggregator Tracxn. CE Ventures led a $17.5m round for Furlenco in November 2019 backed by Lightbox Ventures and Innovative Quest, the holding company for office furniture retailer Featherlite.
Crescent Enterprises participated in Furlenco’s $17.3m series C round in March 2019, investing with Lightbox Ventures, Innovative Quest and a number of individuals. It had raised about $36m of debt and equity financing across its 2015 series A and 2016 series B rounds, from investors including Lightbox Ventures and Axis Capital.
Ajith Mohan Karimpana, founder and CEO of Furlenco, said in a statement cited by TechCrunch: “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 know there is immense strength and scope of innovation in the [business-to-consumer] 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.”