Debt

Debt financing

Furniture rental co Furlenco raises $10-M

Entrackr  

Subscription-based furniture rental company Furlenco has raised INR 75.3 crore (around USD 10 million) in debt by allotting 75,03,370 compulsory convertible debentures (CCDs) for a period of one year at the value of INR 100 each. These debentures will be converted into Series D2 CCPS at the end of one year or the occurrence of the next funding round, whichever is earlier. The Bengaluru-based firm has issued these debentures to existing investors on a private placement basis. 19 investors including Lightbox, Eudora Ventures, Eagle Holdings, United oxygen etc participated in the round. Founded by former Goldman Sachs and Morgan Stanley executive Ajith Mohan Karimpana, Furlenco provides furniture and home decor on rent along with relocation services. The company operates in Bengaluru, Mumbai, Pune, Hyderabad, Delhi NCR, Chennai, Mysore and Ahmedabad. In July last year, Furlenco had raised USD 140 million in a mix of debt and equity round led by Zinnia Global Fund.