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Furniture rental startup Furlenco raises Rs 20 crore in venture debt from Blacksoil – Business News , Firstpost



Furlenco has furnished over 150,000 properties throughout eight main cities in India and has AUM (belongings below administration) value over Rs 200 crore.

Blacksoil Capital on 21 January stated it has invested Rs 20 crore as venture debt in furnishings subscription platform Furlenco. Furlenco has raised near $51 million in fairness funding from traders like Lightbox Ventures, Crescent Ventures, Deepika Padukone and Burman Family Office. It has additionally raised near $45 million in debt funding. “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,” Furlenco founder and CEO Ajith Karimpana stated in an announcement.

Founded in 2012 by Ajith Mohan Karimpana, Kieraya Furnishing Solutions – Furlenco has furnished over 150,000 properties throughout eight main cities in India and has AUM (belongings below administration) value over Rs 200 crore.

Vaibhav Laddha, Head of Corporate Finance at Furlenco, stated the corporate has constructed a really sturdy lender ecosystem through the years, be it venture debt, NBFCs or household places of work.

“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,” he added.

BlackSoil, a sector agnostic various credit score platform, has deployed Rs 1,000 crore in the final 4 years throughout over 80 transactions. Blacksoil”s previous offers embody OYO, Spinny, Purplle, Zetwerks, Vogo and TVF, amongst others.
It additionally just lately raised Rs 126 crore in the primary shut for its maiden secured credit score fund.

“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 and it is our pleasure to partner with Furlenco to help them achieve the next level of growth,” Blacksoil Group co-founder Ankur Bansal stated.

With inputs from PTI.

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