Dubai – Mubasher: CE-Ventures has led $17.5 million funding to finance Kieraya Furnishing Solutions (Furlenco), an India-based online furniture subscription platform.
The move comes in light of India’s growing furniture subscription market, which has been estimated at over $1 billion.
Other investors in the funding are Lightbox and Innovative Quest.
Furlenco will utilize the funding to fuel growth in its home market of India, and support the launch of its operations in the Middle East.
“We have been growing at a CAGR of 130% and are set to cross the $300-million mark in net subscription revenue by 2023. Our in-house designed, award-winning furniture offerings are inspired by the evolving lifestyle needs of urban professionals,” said Ajith Karimpana, Founder and CEO of Furlenco.
“We see strong growth opportunities in the Middle East market, especially in the UAE, where the predominantly urban and young population values quality offerings with convenience,” Ajith added.
Furlenco aims to provide aspiring urban millennials with access to premium quality home furniture on a subscription basis at a fraction of the purchase cost. Customers can furnish a home for as low as $40 per month.
Director of CE-Ventures, Tushar Singhvi, commented, “Globally, the sharing economy is projected to generate roughly $335 billion in revenue across key sectors by 2025. India’s forecast of rapid urban expansion and the growing influence of the country’s millennial workforce closely mirrors the changing face of the MENA region as well, and there is no doubt about the vast global opportunity for innovative offerings such as Furlenco’s subscription service for furniture and appliances."
Singhvi added, "We look forward to working closely with the Furlenco team, supporting their mission and expansion plans in the MENA region."
CE-Ventures is the corporate venture capital arm of the UAE-headquartered global conglomerate Crescent Enterprises.
It is worth noting that Furlenco was chosen for the ‘Fastest growing startup in India’ award by the Financial Times.