Furlenco– Company Profile

Furlenco is a leading furniture rental company, which has been established with the mission to provide better lifestyles for the urban population. The company was launched in 2012 and is headquartered in Bengaluru. The company also rents other stuff such as home decor items, accessories and appliances. It currently has operations in Bengaluru, Mumbai, Pune, Delhi, Gurugram, Noida, and Hyderabad.

Furlenco’s primary target audience is people who don’t want to make capital investments for buying furniture. Young professionals living in top cities consider it a hassle to buy furniture. However, they are willing to pay for renting furniture. Furlenco makes it possible by providing end-to-end services such as free delivery, exchange, cleaning &maintenance and relocation. These services have made it easier for young professionals to embrace the idea of renting furniture.

History:

The idea for Furlenco came to Ajith Karimpana, the founder of the company, when he was relocating to Bengaluru from New Jersey, USA in 2011. Ajith tried to sell his furniture that was just 2 years old and in very good condition, but he only managed to get 10% of what it had cost him originally. This was when Ajith realized the pains of owning furniture. He then thought about the idea of providing furniture on rent, which eventually led to the launch of Furlenco. Ajith has taken it as his life’s mission to provide top quality furniture to anyone who needs it, without the compulsion of buying it. Initially, it was difficult to make people accept the idea of renting furniture, but the company persevered and now it serves more than 20,000 households. The subscription based furniture rental company is expected to turn profitable soon and it is planning an IPO as well.

Funding:

Furlenco has received investments worth around $38 million through 5 rounds of funding. The funding has come through both debt and equity investments. The latest round of equity investment was done by Lightbox Ventures. Actor and producer Aamir Khan has also invested around $300K in Furlenco in his personal capacity.

Acquisitions:

Furlenco has not made any acquisitions till date, but it is open to any bankable opportunities that may emerge in the future.

Competition:

Furlenco competes with other furniture rental companies such as Rentomojo, Cityfurnish, Grabonrent, Guarented, etc.

About the Founder:

Furlenco was founded by Ajith Karimpana in 2012. He currently serves as the CEO of Furlenco. He had earlier founded ‘Rent Ur Duniya’, which was later rebranded to Furlenco. Prior to launching Furlenco, Ajith had worked with various leading companies such as Goldman Sachs, Morgan Stanley and Infosys. Ajith has completed his B-Tech in Industrial Engineering from National Institute of Technology, Jalandhar. He completed his master’s in IT from Temple University in Philadelphia. Ajith has a “never say die” attitude, and he has been credited with successfully implementing an idea that was earlier doubted by many experts in the industry.