Blacksoil Invests INR 20 Crore into Furniture Subscription Platform Furlenco
Mumbai based alternative credit platform Blacksoil Capital (NBFC) has invested INR 20 Crore into Kieraya Furnishing Solutions Private Limited (Furlenco) as a venture debt facility.
Founded in 2012 by Ajith Mohan Karimpana (Ex-Goldman Sachs), Furlenco is a Furniture Subscription Platform. The firm has so far raised close to $51 million in equity funding from investors such as Lightbox Ventures, Crescent Ventures, Deepika Padukone & Burman Family Office and has also raised close to $45 million in debt funding from its strong HNI network and various financial institutions.
Headquartered in Bangalore, Furlenco renders exclusively designed furniture to consumers through a subscription platform. The firm delivers furniture free of cost at one’s doorstep within 72 hours and provides additional benefits like annual cleaning, option to swap furniture and free relocation. Till date, Furlenco has furnished over 150,000 homes across eight major cities in India and has an AUM worth INR 200+ Cr.
Speaking about the fundraise Ajith Karimpana, Founder & CEO, Furlenco 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”.
Founded in 2010, BlackSoil is a sector agnostic alternative credit platform that 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.
Speaking about investing in Furlenco, Ankur Bansal, Co-Founder, Blacksoil Group stated, “Furlenco is offering an alternative solution that delivers high value to the customers while providing the much-needed flexibility. Subscription model proved to be robust during the covid period and it is our pleasure to partner with Furlenco to help them achieve the next level of growth”.
Vaibhav Laddha, Head of Corporate Finance, Furlenco said, “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”.
Founded in 2012 by Ajith Mohan Karimpana (Ex-Goldman Sachs), Furlenco is a Furniture Subscription Platform. The firm has so far raised close to $51 million in equity funding from investors such as Lightbox Ventures, Crescent Ventures, Deepika Padukone & Burman Family Office and has also raised close to $45 million in debt funding from its strong HNI network and various financial institutions.
Headquartered in Bangalore, Furlenco renders exclusively designed furniture to consumers through a subscription platform. The firm delivers furniture free of cost at one’s doorstep within 72 hours and provides additional benefits like annual cleaning, option to swap furniture and free relocation. Till date, Furlenco has furnished over 150,000 homes across eight major cities in India and has an AUM worth INR 200+ Cr.
Speaking about the fundraise Ajith Karimpana, Founder & CEO, Furlenco 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”.
Founded in 2010, BlackSoil is a sector agnostic alternative credit platform that 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.
Speaking about investing in Furlenco, Ankur Bansal, Co-Founder, Blacksoil Group stated, “Furlenco is offering an alternative solution that delivers high value to the customers while providing the much-needed flexibility. Subscription model proved to be robust during the covid period and it is our pleasure to partner with Furlenco to help them achieve the next level of growth”.
Vaibhav Laddha, Head of Corporate Finance, Furlenco said, “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”.
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