CE-Ventures Leads Series C Funding Round of USD 17.5 Million for Indian Online Furniture Subscription Company Furlenco
- Furlenco awarded the ‘Fastest growing startup in India’ by Financial Times
- Funding intended to spur Furlenco to faster growth in India and support its expansion to UAE
- Other investors in funding round include venture capital firm Lightbox
- India’s furniture subscription market estimated at over USD 1 billion
CE-Ventures announced that it has successfully led a Series C funding round of USD 17.5 million to finance Kieraya Furnishing Solutions Private Limited, which operates under the brand name of Furlenco, an India-based online furniture subscription platform.
Other investors in the funding round include existing investor Lightbox, and new investor Innovative Quest, which owns Featherlite Office Furniture. The move comes in light of India’s growing furniture subscription market, which has been estimated at over USD 1 billion.
Furlenco, a global pioneer of the furniture subscription concept, will utilize the funding to fuel growth in its home market of India, and support the launch of its operations in the Middle East. As part of this investment, CE-Ventures – the corporate venture capital arm of UAE-headquartered global conglomerate Crescent Enterprises, joined Furlenco’s board of directors and is assisting the company with its expansion to the region.
Tushar Singhvi, Director of CE-Ventures, said: “Globally, the sharing economy is projected to generate roughly USD 335 billion in revenue across key sectors by 2025. India’s forecast of rapid urban expansion and the growing influence of the country’s millennial workforce closely mirrors the changing face of the MENA region as well, and there is no doubt about the vast global opportunity for innovative offerings such as Furlenco’s subscription service for furniture and appliances. We look forward to working closely with the Furlenco team, supporting their mission and expansion plans in the MENA region.”
Ajith Karimpana, Founder & Chief Executive Officer, Furlenco, said: “The support we received through this funding round will allow us to continue the tremendous growth journey Furlenco has embarked on since its founding. We have been growing at a CAGR of 130% and are set to cross the USD 300 million mark in net subscription revenue by 2023. Our in-house designed, award-winning furniture offerings are inspired by the evolving lifestyle needs of urban professionals.”
“We see strong growth opportunities in the Middle East market, especially in the UAE, where the predominantly urban and young population values quality offerings with convenience. By leveraging CE-Ventures’ strategic expertise and in-depth market experience, we are well-positioned for expansion,” Ajith concluded.
Headquartered in Bengaluru, India, Furlenco provides its services across Bengaluru, Mumbai, Pune, Delhi, Gurgaon, Noida, Hyderabad and Chennai and has so far serviced over 80,000 customers. Last year, the company was ranked ninth on the Financial Times FT 1000 High-Growth Companies Asia-Pacific list, which estimated Furlenco’s revenue growth at 3,941% from 2013 to 2016.
Furlenco aims to provide aspiring urban millennials with access to premium quality home furniture on a subscription basis at a fraction of the purchase cost. Customers can furnish a home for as low as $40 per month while simultaneously availing benefits such as 72-hour ultra-fast and free delivery, setup and pickup, the freedom to swap or upgrade packages at will and relocate from one home to another in any of the eight cities, as well as free deep cleaning services.
CE-Ventures’ other investments in India-focused companies include FreshtoHome, the largest Indian meat and seafood e-commerce company. CE-Ventures’ investments span multiple sectors, comprising supply chain, technology, healthcare, fintech, and consumer-focused emerging technologies.
CE-Ventures has also recently invested in EdCast, a Silicon Valley-based company known for its pioneering AI-powered Knowledge Cloud solution; Kitopi, a UAE-based global smart kitchen network specializing in cooking and delivery on behalf of restaurants; and Transcorp, a GCC-focused company that provides complete last-mile delivery and cold chain logistics solutions to enterprise customers including warehousing, transportation, and product distribution.