Bengaluru-based online furniture rental and home decor services company, Furlenco, announced it has closed a $10 million debt and equity financing round, led by the company’s existing cohort of investors. Waterfield Advisors, DPNC Advisors, and Quadito acted as advisors to Furlenco.
Investors that took part in the latest round include venture capital firm Lightbox, and Dabur scion Saket Burman, who has invested through his personal investment arm Chowdry Associates, put in equity financing. The funding round values Furlenco at $125 million.
Other investors Kris Gopalakrishnan, former chief executive of Infosys, and Gautham Radhakrishnan, a former partner with private equity firm Tata Capital, have provided debt financing through the issuance of non-convertible debentures (NCDs) by the company.
“Furlenco is already operationally profitable and this round will further help us progress on our goal of becoming fully profitable in the next 12-18 months,” Ajith Mohan Karimpana said as per a media report.
“While the ongoing Covid-19 pandemic has definitely impacted all of us, Furlenco’s subscription business model with monthly recurring revenue allows us to be a lot more resilient than many of the other startups who are seeing their monthly revenues plummet significantly,” he added.
Furlenco was founded in 2012 by former Goldman Sachs and Morgan Stanley executive Ajith Mohan Karimpana. Till now, the company has raised an estimated $43 million in equity funding, and about $45 million in debt financing.
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