Blacksoil invests Rs 20 cr into Furlenco as venture debt facility

Blacksoil Capital has invested Rs 20 crore into Kieraya Furnishing Solutions Privite Limited (Furlenco) as a venture debt facility. Furlenco has raised close to $51 million in equity funding from investors like Lightbox Ventures, Crescent Ventures, Deepika Padukone & Burman Family Office, and has also raised close to $45 million in debt funding from its strong HNI network and various financial institutions.

Ajith Karimpana, Furlenco’s Founder and CEO, said the year 2021 will see a new phase of growth for the company. “We have a lot of exciting initiatives planned for this year that will unravel over the next six to nine months,” he said. “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.”

Vaibhav Laddha, Head of Corporate Finance at Furlenco, said they have built a very strong lender ecosystem over the years, be it venture debt, NBFCs or family offices. “Our subscription business model, high-quality revenue yielding assets, and consistent operating profitability are key factors that make Furlenco an attractive debt proposition for the lenders.”

Ankur Bansal, Blacksoil Group Co-founder, said Furlenco is offering an alternative solution that delivers high value to the customers while providing the much-needed flexibility. “Subscription model proved to be robust during the COVID-19 period and it is our pleasure to partner with Furlenco to help them achieve the next level of growth.”

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Furlenco, founded in 2012 by Ajith Mohan Karimpana (Ex-Goldman Sachs), is a subscription ecosystem offering great quality furniture that is exclusively designed in-house. The furniture is delivered free of cost at one’s doorstep within 72-hours and comes with benefits like annual cleaning, option to swap furniture and free relocation. In a world where people are increasingly choosing not to own, Furlenco gives today’s design conscious Indians the flexibility to have the best in class products without the hassle of owning them.

Blacksoil is a sector agnostic alternative credit platform and has deployed Rs 1,000 crore in the last four years across 80+ transactions. Its past deals include OYO, Spinny, Purplle, Zetwerks, Vogo and TVF amongst others.