The Bangalore-based startup, which operates a so-called furniture and equipment rental service, said today that it has raised $140 million in a financing round to conduct operations in the South Asian market and explore the expansion of the international market. The new old $140 million financing round, a Series D, has raised $120 million in debt and rested on equity, the seven-year-old Indian startup told TechCrunch. The new financing round was led by Zinnia Global Fund. CE-Ventures and Lightbox Ventures also took part in the round, raising its debt and equity to more than $240 million, according to data insight platform Traxon.
Fullenko, which operates in more than a dozen Indian cities, allows customers to rent many furniture items. In recent times it has expanded into other categories, including fitness equipment, tools, electronic products, as well as two-wheeled vehicles. A queen-size bed on the platform, for example, starts at as low as $9 a month, while a laptop can be rented for as little as $40 a month as a monthly plan.
The startup has attracted customers because of its three-day delivery commitment and deep cleaning of items without any additional costs. It has partnered with NoBroker, a common Atlantic-backed Indian startup that helps customers avoid brokers when they find new apartments. The expansion into more new divisions helped to recover and recover 95% of its revenue for the fiscal year ending March this year, it says. Lightbox Ventures says Farlenco could expand into the Middle East and other international markets.
The startup, which competes with Rentomozo, said it would set up new capital to boost its growth and invest in new designs and earn $ 300 million annually over the next five years. Ajith Mohan Karimpana, founder and chief executive of Furlenco, said in a statement, “Lifestyles have evolved and urban Indians have adapted to how they need to be accommodated. But the furniture industry has some interest in providing the right kind of solution. We know there is a lot of energy and innovation opportunities in the B2C trade space and in the sectors we operate.” We are keeping pace with that possibility and will definitely disrupt the market in what we plan to do, “he said.