Furlenco Expands into Brick-and-Mortar Retail with Two Stores Launch in Bengaluru
Furlenco, the pioneering furniture rental firm, excitedly revealed its gradual step toward expansion on a sunny Wednesday, September 6th. This exciting journey is marked by the opening of two attractive offline locations in the lively city of Bengaluru, which is an important component of their overall expansion strategy.
Furlenco, which was founded in 2012 by visionary Ajith Mohan Karimpana, is pleased to manage an innovative online platform that provides subscription-based furniture rental services. This game-changing solution meets the unique demands of citizens in Bengaluru, Mumbai, Delhi NCR, and a number of other growing metropolises. Furlenco also demonstrates its dedication to improving living spaces by offering a curated marketplace for furniture purchases.
This strategic step towards an omnichannel approach underscores Furlenco’s unwavering dedication to bringing convenience and style to homes across India, ensuring that every individual can experience the joy of well-furnished living spaces.
The startup has announced its plans to introduce physical retail outlets, where customers can immerse themselves in product experiences and make well-informed purchase choices. In addition to its user-friendly app and website, Furlenco’s brick-and-mortar stores will provide both purchasing and rental alternatives.
Furlenco’s founder and CEO, Karimpana, emphasized the significance of offline interactions: “While our online presence has played a pivotal role in establishing our brand, we recognize the value of in-person touchpoints. As Furlenco extends its horizons beyond being just a furniture rental brand, we are firmly committed to harnessing the untapped potential of offline opportunities to expand our operations and drive our growth.
The CEO has stated that Furlenco is steadfastly committed to elevating the customer experience and tailoring its offerings to accommodate the varied shopping preferences of its clientele through these physical outlets, describing the opening of these stores as merely the start of the startup’s venture into the world of brick-and-mortar retail. Looking ahead, the company is committed to opening offline outlets in major cities across India.
A comprehensive material library displaying real material samples, intricately created tiny furniture prototypes, fine furniture joinery, and the spectacular end results will be available in the next stores.
This exciting development follows months after Sheela Foam, the parent company of the renowned mattress brand Sleepwell, made a significant investment, acquiring a substantial 35% stake in House of Kieraya, the parent company of Furlenco, for a substantial sum of INR 300 Crores.
In the fiscal year 2022, Furlenco experienced a notable increase in its net loss, which soared by 71% to INR 149 crore. However, there was a substantial upswing in operating revenue, surging 1.5 times to INR 129 crore.
In response to these mounting losses, Furlenco undertook a strategic cost-cutting initiative last year, resulting in the unfortunate layoff of approximately 180 employees. This step was taken with the ultimate goal of achieving profitability.
Furlenco operates in a competitive landscape alongside formidable rivals such as Rentomojo, Pepperfry, and Urban Ladder. Notably, Pepperfry announced on Tuesday that it successfully secured $23 million in funding from a consortium of existing investors, comprising institutional investors and family offices.
