Furniture Subscription Platform Furlenco Subscribes Rs.20 Crore from Blacksoil
Blacksoil Capital (NBFC) has invested Rs.20 crore into Kieraya Furnishing Solutions Private Limited (Furlenco) as a venture debt facility. Founded in 2012 by Ajith Mohan Karimpana, Furlenco is a furniture subscription platform that has furnished over 150,000 homes across eight major cities in India. It has an AUM worth Rs.200+ crore.
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.
“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,” said Furlenco’s Founder & CEO, Ajith Karimpana.
“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,” stated Blacksoil Group Co-founder Ankur Bansal.
“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,” said Vaibhav Laddha, Head of Corporate Finance at Furlenco.
BlackSoil is a sector agnostic alternative credit platform & has deployed Rs.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 Rs.126 crore in the first close for its maiden secured Credit Fund.