Furniture rental platform Furlenco has raised ₹125 crore ($15 million) in a recent funding round backed by Sheela Foam Limited, with Whiteoak and Madhu Kela also participating.
The move represents Sheela Foam’s (Sleepwell’s parent firm) first investment in Furlenco since purchasing a 35% stake in July 2023 for ₹300 crore.
The funds will support product expansion, improved omnichannel operations, and broader distribution as the company prepares itself for public-market entry and greater operational scale.
The company added that it is laying the groundwork for a potential IPO in the coming years as part of its broader strategic vision.
Since its founding in 2012, the company has built a subscription-led furniture business and attracted multiple equity and debt investments from Sheela Foam, Lightbox Ventures, Crescent Ventures, Eagles, and others.
According to the company, Furlenco now serves over 1.5 lakh active subscribers and has furnished upwards of 10 lakh homes across India. It offers customers the choice of rental, purchase, or refurbished furniture.
According to startup data intelligence platform TheKredible, Furlenco has raised a total of $313 million in funding to date, with Sheela Foamand Lightbox Ventures as its lead investors. As of the last funding round, Furlenco’s founder and chief executive, Ajith Mohan Karimpana owned 12% of the company.
Furlenco became profitable in FY25. As per TheKredible, the company recorded Rs 240 crore in revenue and Rs 3 crore in profit for FY25, compared to a loss of Rs 139 crore in FY24. Its subscription model and capital allocation contributed to the shift.
