Summary:
Gurgaon, Haryana, India – Business Wire India 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.