Furlenco, a Bangalore-based startup that operates an eponymous furniture and appliance rental service, said today it has raised $140 million in a financing round as it looks to scale its operations in the South Asian market and explore international market expansion.
The new $140 million financing round, a Series D, comprises $120 million debt raise and rest in equity, the seven-year-old Indian startup told TechCrunch. The new financing round was led by Zinnia Global Fund. CE-Ventures and Lightbox Ventures also participated in this round, which brings its to-date debt and equity raise to over $240 million, according to data insight platform Tracxn.
Furlenco, which operates in more than a dozen Indian cities, allows customers to rent a range of furniture items. In recent quarters, it has expanded to other categories including fitness equipments, appliances, electronic products, as well as two-wheeler vehicles.
A queen size bed on the platform, for instance, starts at as low as $9 a month, while a laptop can be rented for as low as a monthly plan of $40. The startup has attracted customers in part because of its three-day delivery commitment, and deep cleaning of items at no additional cost. It also maintains a partnership with NoBroker, a General Atlantic-backed Indian startup that helps customers avoid brokers when finding new apartments.
The expansion into newer categories helped the startup recover and preserve 95% of its revenue in the financial…