Indian company Furlenco is tapping into millennials’ habits and requirements, as they travel frequently, seek opportunity, and emphasise experiences over inanimate objects – by going into furniture rental.
Devised an ex-Goldman Sachs banker, the company allows upwardly mobile young people to protest against the burden of “things” by not having to buy them at all, and has raised $15 million of equity and $15 million of bank debt, rare at that size in India.
Furniture is designed from scratch with longevity in mind, utilising solid wood that can easily be refurbished, such as high-quality reclining chairs that look stylish but can be swapped and replaced as easily as a cell phone. The process is designed to be effortless and less costly than selling furniture and repurchasing with every major life event.
To date, Furlenco has shipped $20 million worth of furniture to date to 15,000 homes, and furniture utilisation remains above 95 percent meaning no need for warehousing unrented items. The company is looking to expand into electronics and other innovative rental solutions.