Furlenco - Quality Products Have No Fear Of Time

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Human activities need furniture. For example, for sleeping, we need a bed; for our food intake, we need a dining table, and so on. However, our stays and their duration vary with time and place. Therefore, buying furniture, which is expensive too, is definitely not the solution. However, we can always rent them, just like any other item!

Movable furniture dominates the space today. What has truly transformed the furniture space with the emergence of the internet and the spread of eCommerce websites and apps is the shopping for our home and office furniture, which has now taken the online route.

Be it antique or modern, furniture is central to our lives today. However, transportation was really an issue because furniture is bulky, and transporting them without a mess is hard, if not impossible. To straighten up all such issues, online furniture companies were born.

Furlenco is one such online furniture rental platform. Living and desiring better is easier now with Furlenco. Award-winning furniture is available here as well. Read the Furlenco success story here and learn more about the Furlenco company, Furlenco Founders, Owners, Furlenco Competitors, Furlenco's Business Model, Revenue, Logo, Funding and more.

Furlenco - Company Highlights

Furlenco - About
Furlenco - Startup Story
Furlenco - Founder and Team
Furlenco - Logo
Furlenco - Business Model
Furlenco - Revenue Model
Furlenco - Shareholding
Furlenco - Funding and Investors
Furlenco - Growth
Furlenco - Partnership
Furlenco - Challenges
Furlenco - Competitors
Furlenco - Future Plans

Furlenco - About

Furlenco is an online furniture company, which is driven by a different set of ideas, thereby enabling people to start living better than today. Furlenco makes living better by giving consumers home decor and award-winning furniture on rent. All the furniture of Furlenco is designed by experts. Designs are inspired by the urban living citizens of India. The lifestyle and the requirements both are changing every day. That is why new designs are coming.

Furlenco - Startup Story

In the year 2010, Ajith Mohan Karimpana came back to Bengaluru, Karnataka, India, from New Jersey, USA. When he used to stay in the USA, he wanted to sell his furniture there. After selling it, he got 10% back of what he paid for it. He bought the furniture around two years ago. That was the time when he felt the pain of both buying and selling furniture. From that day on, he was determined. He wanted to provide everyone with beautiful furniture. He made this idea his life's mission. Because everybody desires beautiful things at a cheaper price. This way, Furlenco was born.

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Furlenco - Founder and Team

Ajith Mohan Karimpana is the founder of Furlenco.

Ajith Mohan Karimpana is the CEO and the founder of Furlenco. He began his career as a Senior Consultant at Morgan Stanley. After that, he joined Goldman Sachs. There he worked for 5 years and 10 months as a Senior Analyst and Vice President. He completed his schooling at Kendriya Vidyalaya. He pursued a BTech degree in Industrial Engineering from the National Institute of Technology, Jalandhar.

Ashwin Venkatraman is the Chief Operating Officer at Furlenco. He began his career as an Industry and Development Manager at Google. He was also the Director and the Product Head at InMobi.

Furlenco - Logo

Furlenco - Business Model

The business model of Furlenco is very simple. The company provides furniture, home appliances, and home decor on rent to its consumers. It enables people to lease tables, chairs, beds, couches etc on a monthly basis. People usually after losing a high value by selling furniture need furniture again. Furlenco is established for such kinds. The company brings the furniture to the customer's doorstep. In 2023, Furlenco introduced a bold new brand identity, featuring a refreshed logo and mint blue color that reflects vibrancy, freshness, and adaptability for future growth.

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Furlenco - Revenue Model

The revenue of the company is generated from the rental income. From decorations to home appliances, all are recognized on the basis of the terms of the contract of hiring. Delivery charges are also included in the list. The company is providing a 15% discount on rent for orders worth INR 1000 per month or above. For their UNLMTD plan, the company has a few deals in its backpack.

Furlenco - Shareholding

Below is the Furlenco shareholding pattern as of March 2024 (source: Tracxn):

Furlenco - Funding and Investors

Furlenco has raised $265.2 million so far. Furlenco is funded by 21 investors, as per the latest records.

Furlenco - Growth

UNLMTD

Furlenco introduced the UNLMTD annual subscription service on July 15, 2021, which allows users to purchase the appliances and furniture they desire all at once and for a single price.

Offline Store

On September 6, 2023, Furlenco announced the opening of two physical locations in Bengaluru as part of an omnichannel growth plan.

Furlenco Financials

Furlenco reported operating revenue of INR 139.56 crore in FY24, which used to be a higher amount in the previous year at INR 155.78 crore in FY23. The company also saw a marginal increase in total expenses at INR 282.12 crore in FY24, which is a slight increase of around 1.3% from INR 285.9 crore in FY23. Furthermore, Furlenco saw a slight increase in their losses that reached INR 130.22 crore in FY24 as opposed to the lesser INR 128.38 crore in FY23.

EBITDA

During the changeover of the fiscal year from FY23 to FY24, Furlenco experienced a significant decline in its financial measures. From -20.31% in FY23 to -41.61% in FY24, the EBITDA margin fell sharply, suggesting a substantial drop in earnings in comparison to total revenue. The company incurred INR 2.02 in expenses for every rupee earned in operating revenue during the previous fiscal year. Its total current assets amounted to INR 89.58 crore, which included INR 35.37 crore held as cash and bank balances.

Furlenco - Partnership

Airbnb

Furlenco and Airbnb have partnered in December 22,2016 to provide customized interior design services for homes. Through the agreement, hosts on the homesharing platform can choose from a variety of distinctive furnishings selections.

Cashfree

In January 2022, Cashfree Payments announced a partnership with Furlenco, and with this partnership, it is helping the subscription-based furniture rental company Furlenco to provide its clients with the quickest possible security deposit refund experience.

Furlenco - Challenges

Being a player operating in one such industry like furniture rental and home decor, which is experiencing a growth spurt and is seeing a lot of competition lately, Furlenco is always put to the test. Scaling its business and making it profitable is a real challenge for Furlenco as of June 2022.

Furlenco Layoffs

Furlenco was in the news on March 26, 2022, as the company laid off around 180-200 employees because of the restructuring process that it was then going through. These layoffs came at the back of the scale-down of the operations of Furlenco, whcih was previously available across numerous metro and non-metro cities like Pune, Kolkata, Ahmedabad, and more.

Furlenco Scale Down of Operations

The online furniture rental company has temporarily suspended operations in Kolkata and other cities including Mysore, Chandigarh, and Jaipur.

Furlenco - Competitors

The top competitors of the company are RentoMojo, Rentickle and GrabOnRent.

• RentoMojo is the #1 competitor of Furlenco. It is a rental platform that provided appliances, electronics, and furniture for rent. It was founded in 2014 and is headquartered in Bengaluru.
• Rentickle is one of the top rivals of Furlenco. The company offers furniture, appliance, and home furnishing essentials for rent. It was founded in the year 2015.
• GrabOnRent is the 3rd competitor of Furlenco. It used to provide fitness related equipment, furniture, an air cooler, and a laptop. It was founded in the year 2015. The company had to shut down in 2020.

Furlenco - Future Plans

The goal of the company is to elevate the standards of urban living consumers. The company has launched its operations in Mumbai because they feel that Mumbaikars are super enthusiastic about the new concepts. Furlenco is aiming to expand its business towards Tier 2 cities soon. It aims to open offline stores in major cities by 2026 as part of its omnichannel growth plan. It seeks to blend online and offline shopping for a better customer experience.

In 2021, Furlenco announced plans to invest INR 2,300-2,500 crore over five years. It aims to generate INR 650 crore ($90 million) in free cash annually by FY26. In the next 10 years, the company wants to see itself as the "Pioneers" of the sharing economy.

Starting from furniture to vehicles and everything, the company wants to offer its users everything in rent, which is generally seen as a financial burden if bought new.

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FAQs

Who is the founder of Furlenco?

Ajith Mohan Karimpana is the founder and CEO of Furlenco.

Who are the competitors of Furlenco?

RentoMojo, Cityfurnish & Rentickle are some of the competitors of Furlenco.

How does Furlenco work?

Furlenco rents furniture and appliances to its consumers on a monthly basis.

Is Furlenco profitable?

No, the furniture rental company reported an operating revenue of INR 139.56 crores in 2024. Furlenco saw an increase in their losses that reached INR 130.22 crore in FY24 as opposed to the lesser INR 128.38 crore in FY23. The company aims to become fully profitable in the next 12 to 18 months.

Can we buy furniture from Furlenco?

Furlenco offers furniture designed in-house. It's present in Pune, Bengaluru, Mumbai, and Delhi NCR. Rentomojo offers both individual products and affordable packages.