Bussiness

Why buy Furniture When you can Rent it?

Be it for a bachelor or a married man, moving to a new city will always be a strenuous job. Adding on to the troubles will be getting accustomed to the new place and carrying along all the goods; including furniture, electronics and more. But have you ever thought of a situation wherein you can effortlessly shift to another city without bothering to carry the furniture along? Well, most of us might think that this is impossible! But the fact is, you can now easily move from cities and houses without having to carry your furniture along, or for that matter, even invest in newer furniture often. All you need to do is login to Furlenco and furnish your home the quickest and easiest way.

What is Furlenco?

A Bengaluru based furniture rental startup; Furlenco lets individuals to rent furniture on a monthly basis, based on various subscriptions. The idea of initiating the concept of renting out furniture stirred when the founder, Ajith Karimpana, personally faced various problems related to the furniture while moving from the US to India. Ajith has previously worked with Goldman Sachs as a senior professional. It so happened that Ajith invested a considerable amount of money on furniture while staying in the US, but when he decided to return to India, he lost about 90% of his investment which was majorly via his furniture, as shipping it to India was not a feasible option. This is when he realized that almost everyone invests majorly in self-furniture, which mostly is not recoverable. Evidently, when a person decides to move to another place, he/she cannot sell the furniture months before moving out, and even is someone manages to sell their furniture on the right time, they might incur any profit.

Ajith also stressed upon the fact that buying any furniture piece is not a plain sailing task. Most of them end up buying furniture of bad quality, and therefore have to make a regular investment in newer furniture. Owing to these situations, Ajith came up with the idea of Furlenco in India, wherein a person can easily rent exclusively designed furniture as per their preference, and at affordable prices. Therefore one needn’t wait to get married and settle down to buy good quality furniture and set up their home.

Also, furniture is the third majorly invested object after a home and a car with a lot of options and loans to buy a home and a car, but no feasible options to buy furniture. A lot of them would definitely want to own the best of furniture, but are unable to do because of the money factor.

Initially known as “RentYourDuniya”, Furlenco was introduced in the Indian market 3 years ago in 3 major cities- Bengaluru, Mumbai and Pune. The startup is headquartered in Bengaluru and aims to build a category which was never introduced in India. Although Furlenco has been introduced with a unique idea in itself, its business model is also unique in its approach.

  • Unlike other furniture brands, Furlenco itself is a brand and designs its own exclusive furniture. The startup produces, manufactures and holds its entire inventory with the help of its in-house furniture designing team. Not just this, they also ensure to produce and provide superior quality furniture.
  • They offer aptly designed furniture for any part of a house, based on monthly subscriptions. Their monthly subscriptions start from Rest. 1500 per month and can range up to Rest. 7500 based on the customization of the arrangement. Furlenco ensures to take complete responsibility of the customer management; from guiding a user through their website to helping them in choosing the right furniture, helping them set up the furniture and collecting it once the subscription ends.

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Talking about the challenges the company had to face, it was very complicated for them to market their concept in the Indian market, since it was new to the Indian consumers. Also, people in India have always followed the trend of self-owning the furniture rather than renting it. Another challenge the company faced was with the reverse logistics, as the furniture had to be taken to a house and retrieved back later, unlike most furniture retailers. The startup found it quite difficult to launch itself in the Indian market, as they had to start from the scratch and design furniture that was appealing to everyone’s eyes.

Until date they’ve served about 6000 customers throughout the country and have received greater responses from people of an age group between 22-40 years. The company has also launched its mobile app wherein a person can easily choose between their various packages. They further guarantee to complete the entire process of renting and arranging the furniture in 72 hours.

Funding of Furlenco:

Recently, Furlenco raised a funding amount of $6 million from Lightbox Ventures. Previously, the company has acquired a small angel fund of about $100k.

Some Insights about Furlenco:

  • Furlenco was introduced to cater to an array of customers who find investing in furniture more of a commitment.
  • A majority of their customers include bachelors.
  • Their furniture packages comprise the complete set up of a room, including the bedding, upholstery and so on.
  • Their self-designed furniture is offered by about 20 vendors across India.
  • Before the initiation of its products, the company personally approached bachelors to know why they weren’t buying enough furniture. The response was, either the furniture was too expensive to buy, or they didn’t have plans of staying in just one place forever.
  • Their furniture is designed in a multipurpose way to cater to almost everyone’s needs.
  • Before renting out their furniture, they take the KYC documents from the customer as an identity proof.
  • The furniture is cleaned every 6 months at the customer’s doorstep.
  • Furlenco invests only in solid wood furniture items, as the items can sustain for more than 15 years.
  • They’re known as India’s first startup to launch a concept like this.

Be it for a bachelor or a married man, moving to a new city will always be a strenuous job. Adding on to the troubles will be getting accustomed to the new place and carrying along all the goods; including furniture, electronics and more. But have you ever thought of a situation wherein you can effortlessly shift to another city without bothering to carry the furniture along? Well, most of us might think that this is impossible! But the fact is, you can now easily move from cities and houses without having to carry your furniture along, or for that matter, even invest in newer furniture often. All you need to do is login to Furlenco and furnish your home the quickest and easiest way.

 

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