[Funding] Furlenco raises INR 20 Crores venture debt fund from Blacksoil Capital

Blacksoil Capital (NBFC) announced today that it has invested INR 20 Crore into Kieraya Furnishing Solutions Private Limited (Furlenco) as a venture debt facility. Founded in 2012 by Mr Ajith Mohan Karimpana (Ex-Goldman Sachs), Furlenco operates as a Furniture Subscription Platform. Until date, the company has furnished over 150,000 homes across 8 major cities in India and has an AUM worth INR 200+ Cr.

Furlenco has raised close to $51 Mn in equity funding from investors like Lightbox Ventures, Crescent Ventures, Deepika Padukone & Burman Family Office and has also raised close to $45 Mn in debt funding from its strong HNI network and various financial institutions.

About Furlenco

The subscription platform, Furlenco, offers great quality furniture, exclusively designed in-house. It delivers furniture free of cost at one’s doorstep within 72 hours. Further, it comes with benefits like annual cleaning, option to swap furniture and free relocation. In a world where people are increasingly choosing not to own, Furlenco gives today’s design-conscious Indians the flexibility to have the best in class products, without the hassle of owning them.

From the leaders

Furlenco’s Founder & CEO, Ajith Karimpana said,

“The year 2021 will see a new phase of growth for Furlenco. We have a lot of exciting initiatives planned for this year that will unravel over the next six to nine months. We are delighted to have BlackSoil as our latest partner. BlackSoil has quickly emerged as a prominent venture debt player helping startups across the board in their growth journey.”

Blacksoil Group Co-founder Ankur Bansal stated

“Furlenco is offering an alternative solution that delivers high value to the customers while providing much-needed flexibility. Subscription model proved to be robust during the Covid period. It is our pleasure to partner with Furlenco to help them achieve the next level of growth.”

Vaibhav Laddha, Head of Corporate Finance at Furlenco further adds,

“We have built a very strong lender ecosystem over the years - be it venture debt, NBFCs or family offices. Our subscription business model, high-quality revenue yielding assets, and consistent operating profitability are key factors that make Furlenco an attractive debt proposition for the lenders.”

BlackSoil is a sector agnostic alternative credit platform & has deployed INR 1,000 Crore in last four years across 80+ transactions. Blacksoil’s past deals include OYO, Spinny, Purplle, Zetwerks, Vogo and TVF amongst others. Blacksoil also recently raised INR 126 Crore in the first close for its maiden secured Credit Fund.