Online furniture rental platform Cityfurnish raises $2.5 Mn
Online furniture rental platform Cityfurnish has raised a $2.5 million financing round, including debt and equity bringing the total amount raised by the Gurugram-based startup to $10 million to date. 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.
Cityfurnish plans to utilize the raised funds to expand its operation, strengthen the company’s brand position, make advancements in technology and announce its presence in different cities by 2025.
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. Cityfurnish plans to enable users to switch furniture regularly and not get stuck with the same furniture forever and live a commitment-free life when it comes to furniture.
Cityfurnish claims to have turned profitable and recorded more than 100% growth in revenue through 2022 and currently has a presence in Delhi NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai.
Apart from offline furniture chains, Cityfurnish competes with Pepperfry, UrbanLadder and WoodenStreet, among others.
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