Furlenco aims to double turnover to Rs 200 crore by end of 2021
Furniture rental firm Furlenco on Thursday said it aims to double its turnover to Rs 200 crore by December this year, as it is witnessing high growth in the segment, said a top company official.
It is witnessing a month-on-month growth of 84 per cent in its business in the current financial year, as the demand for rentals has gone up, said Furlenco founder and CEO Ajith Mohan Karimpana in a virtual press meet.
The company on Thursday announced an annual furniture subscription service, ‘UNLMTD by Furlenco’, under which it is offering furniture and appliances to its customers in one go and at one price.
Besides, the company, which last week announced the closure of its series-D funding of USD 140 million (around Rs 1,000 crore), is also planning to expand its services to tier-II cities of the country, Karimpana said in a virtual press meet.
Currently, Furlenco, a brand owned by Kieraya Furnishing Solutions, is proving its subscription services to cities such as Bengaluru, Mumbai, Pune, Delhi, Noida, Gurugram, Ghaziabad, Faridabad, Hyderabad and Chennai.
When asked about the turnover of the company, Karimpana said: “We have a turnover of around Rs 100 crore in FY21 and will add another Rs 100 crore by December this fiscal, in just three quarters.”
The company had a flat growth in the financial year 2020-21, on account of pandemic-related disruptions.
On ‘UNLMTD by Furlenco’, Karimpana said it has disrupted the Indian furniture industry and aims to change the way the category thinks of its offerings.
It has two annual subscription plans: Premium, with Rs 4,999 per month for 15 products; and Lite of Rs 3,999 for 9 products. Customers will be able to choose from a wide range of over 150 products.
“Here is a subscription service that offers all the products you want at a one-time annual fee. Be it a sofa or a bed or a washing machine or a lamp, you can take everything you want.
“This is truly disruptive and I believe it will change how our consumers, how the category and the world itself looks at furniture,” he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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