Furniture rental startup Furlenco raises ₹125 crore, readies for IPO
Furlenco, the furniture rental startup, just raised ₹125 crore in fresh funding led by Sheela Foam, with WhiteOak and Madhu Kela joining in.
This boost comes right after Furlenco turned profitable for the first time and is now gearing up for an IPO.
What does Furlenco do?
Furlenco rents out furniture and home-lifestyle products to city dwellers: think sofas, beds, appliances, and more.
About 70% of their revenue comes from rentals, 25% from appliances, and 5% from selling new furniture.
Plans for the future
After swinging to a ₹3 crore profit on ₹240 crore in revenue last year (from a big loss before), Furlenco is aiming higher: they're targeting ₹360-370 crore in revenue and roughly ₹36-37 crore in profit in FY25.
The new funds will help them expand into more cities, launch new products (including for kids), and tap into Sheela Foam's massive dealer network to reach even more customers.