Furlenco Business Model:-
Today with this article we will continue our article series in which we talk about case studies and business model of different startups and big companies. So today I am with you with a new startup company and we will talk about Furlenco Business Model.
So If you dont know about Furlenco Business Model then you can stick with our article and carry on to read and absorb knowledge on Furlenco Business Model.
What is Furlenco ?
In our day to day life we just try to decorate our house. Everyone want to enhance interior of his house. So we can also take furniture on rent in our modern era.
Furlenco is India’s first home furniture rental organization situated in Bangalore. It enables you to lease furniture like couch, table, bed, and light on a month to month premise.
They offer their administrations in Bangalore, Mumbai, Pune, Gurgaon, Delhi, and Noida.
The stage offers restricted looks, which you can arrange and have conveyed at home at no additional expense.
The organization was estiblished in 2008 by Ajith Karimpana.
Furleno is founded by Ajit Karimpana. His full name is Ajit Mohan Karimpana.
Ajith Karimpana got bachelor’s degree from Dr. B.R Ambedkar National Institute of Technology, Jalandhar. After completing graduation he decided to go Temple University pursue MS.
He worked at post of Managing director at Kieraya Furnishing Solutions Pvt. Ltd. After that in 2010 he worked VP at Goldman Sachs in the US. But he was not so satisfied so he decided to go with his own startup and founded Furleno.
As a major aspect of the offer, he had the alternative of either delivering all his furniture or taking some cash in lieu of it.
You can also get connect to Ajit Karimpana through Linkedin.
Twitter handel of Ajit Karimpana is Click Here.
Idea of Furlenco:-
Ajit picked the last mentioned and thus sold some $5000 worth of furniture for a negligible $300-$400, losing right around 90% of his interest simultaneously.
Back in India, he again purchased furniture worth INR 3-4 lakhs. As it would turn out or rather not have it, the new furniture destroyed in 2-3 years. This whole procedure of losing his venture, moving, purchasing, and again losing cash made him think whether it bodes well to extremely possess the furniture?
Also, the knowledge he had was that it truly doesn’t bode well to purchase furniture and apparatuses on the off chance that one won’t be in a place for over four years.
Furlenco was conceived a rental membership program, for individuals hoping to possess quality furniture without being secured to it or consuming a gap in their pockets
Ajit Karimpana said:
Furlenco Business Model:-
It’s business model is decided after observing the need of many peoples who need furniture in their houses for some time after they sale their furniture with loss of huge value.
Business model of Furlenco is very simple just they provide furniture on rent. Furlenco has an extremely basic plan of action dependent on leasing of items. A client can pick the items accessible on Furlenco application and website.
The client needs to fill in a shape and needs to pay a refundable security store. The base membership time frame is 3 months. Furlenco conveys the furniture to your doorstep and gets after the leasing time frame free of expense.
All the Furlenco furniture is guaranteed. So the clients don’t need to pay if there should be an occurrence of any harm. Each household item is concealed for to 10,000. There is no protection for machines.
Now after Furlenco Business Model we will talk about it’s funding from investors. Funding plays a vital role to grow business and compete with competitors so-
Furlenco raised a total sum of about 21 million Dollars of funding in two rounds from 2 investors.
Series A: First round of funding was in March 2015. The company raised 6 million Dollars of funding in this round led by Lightbox.
Series B: Second round was in October 2016, the company increased 15 million Dollars of funding with help of Axis Capital Holdings Limited.
In the same month company also raised another 15 million Dollars as Debt Financing from IntelliGrow, Axis Bank, HDFC Bank.
Now when it comes to marketing and branding it is very important to target actual customer who need futniture on rent for some time.
Furlenco is focusing on youthful single men leaving their parent’s home for the activity or considering reason. The perfect age gather is 22-30 years.
There are around 80,000 experts who move on from 90 colleges in more than 50 urban areas and after that migrate to different urban communities for an occupation.
Marketing and targeting a right youth always play important role in sucess of startup.
Huge number also comes when we see the job people where they have to go to different place after some time.
These experts are moving into a universe of outrageous vulnerability. They are leaving their homes and setting off to another city for a vague timeframe.
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Furlenco is attempting to address the hole of purchasing/leasing and offering/exchanging the furniture. It makes restoring the furniture as simple as a tick.
Furlenco is significantly depending upon advanced promoting for its showcasing and marking purposes.
The application is very prevalent among the adolescent and understands the reason for having home furniture without spending excessively.
CEO Ajit Says:-
So having a detailed article on Furlenco Business Model at last I think It is a good business Idea micro niche startup we can say about It. I think now you deeply understood aboutFurlenco Business Model.
It is much helpful for who stay for only 5-6 months on one place. They can take furniture on rent for the time they need.