Furniture rental startup Furlenco has raised Rs 20 crore in a venture debt facility from BlackSoil Capital, the company reported in a press note January 21.
Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates as a furniture subscription platform and has furnished over 1.5 lakh homes across eight major cities in India and has an AUM of more than Rs 200 crore.
Furlenco has raised close to $51 million in equity funding from investors like Lightbox Ventures, Crescent Ventures, Deepika Padukone and Burman Family Office and has also raised close to $45 million in debt funding from its strong high net worth individual and various financial institutions.
“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 Ajith Karimpana, founder, Furlenco.
BlackSoil is a sector agnostic alternative credit platform and has deployed Rs 1,000 crore in last four years across more than 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.