Cityfurnish Raises USD 2.5 Million in Debt Funding Round
Cityfurnish today announced the close of a $2.5M financing round, including debt and equity bringing the total amount raised to date to $10M in equity and debt, to further its mission of bringing unprecedented ease and flexibility to the home furnishing experience. The debt round was led by Northern Arc Capital along with participation from Western Capital and UC Capital Inclusive along with participation from existing backers.
Founded in 2015, by Neerav Jain and Saurabh Gupta, Cityfurnish is an online furniture rental platform where users can rent furniture as an alternative to buying for flexible requirements. With the new way of living more consumers are opting to rent to live asset light for a more flexible lifestyle, without compromising on the quality of service.
Cityfurnish is solving a major problem for urban India where more than 70% apartments in metro cities are unfurnished or semi-furnished. With the fast-changing lifestyle, more Indians are getting mobile – flexibility and convenience is a must for them! Many of them don’t really know how long they will be in the same job, city or apartment a year from now.
According to surveys conducted by the Cityfurnish team, the users had no alternative to buying expensive furniture for their flexible requirements. Keeping these pain points in mind, the team of founders at Cityfurnish are on a mission to make furniture renting experience better than buying furniture!
“When Neerav moved to Delhi for college, there was no alternative to buying furniture. Buying furniture was a difficult and unnecessary process and spending on furniture wasn’t an ideal option for students. The idea to have an alternative to buying for flexible requirements led to the start of Cityfurnish."
Cityfurnish has a full stack model which includes in-house designing of the furniture using solid Sheesham wood to control the last mile delivery & assembly of the furniture. All of this is managed by the Cityfurnish team to provide the customers WOW experience which they won’t get even if they would have bought the furniture. And what makes Cityfurnish stand out is all of this is done with 72 hr free delivery and service like free maintenance & free relocation/upgrade.
Following the Series A round of funding which included investors like YCombinator, Venture Highway, Global Founders Capital and marquee angels like Gmail creator Paul Buchheit and YouTube co-founder Steve Chen, the company had turned profitable and recorded more than 100% growth in revenue through 2022, currently present in Delhi NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai. With this funding, Cityfurnish aims to expand its operations, strengthen the company’s brand position, technology and presence in different cities by 2025.
“Cityfurnish plans to enable users to switch furniture regularly and not getting stuck with the same furniture forever and live a commitment-free life when it comes to furniture."
Source : Businesswire India