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Lightbox is investing $7 million (Rs 43 crore) to buy a minority stake in Furlenco, which allows people to lease out furniture for a monthly subscription, the venture capital entity said.
Customers can pick from a range of room-based or home-based packages: Rs 1,500/month for a bedroom, Rs 2,000/month for a dining room or living room. It also offers packages for an entire flat, such as Rs 5,000 for 1BHK, Rs 6,000 for 2BHK and so on.
The bedroom package includes a queensize bed and mattress, single bedside table, table lamp and photo frame and soft furnishings. The living room package includes a couch (3+1+1), floor lamp and tea light holder, and soft furnishings. ''Furlenco makes it possible for people to access quality furniture for monthly subscription fee," says Prashant Mehta, partner, Lightbox.
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The company is targeting the large pool of recruits in information technology companies who move from colleges to the large cities of Bengaluru, Hyderabad, Chennai, Mumbai, Kolkata and Delhi. Lightbox estimates nearly 80,000 IT recruits move to these cities annually, taking a place but not in a position to buy furniture.
Consumers can swap furniture and avail a free relocation and maintenance service once in 12 months.
Ajith Karimpana, founder of the firm, said: "Furlenco is introducing a new way of life for the urban Indian. One that would give access to quality furniture instead of ownership and in the process, make it convenient and save money." The company is currently present in Bengaluru and the funding will help it expand operations and enter other cities in the next few months.
