Furlenco is planning to raise ₹1,000-1,200 Cr through an IPO in FY28 and is seeking a valuation of around ₹7,000 Cr.
The proposed issue would make Furlenco the second furniture rental startup to tap the public markets after rival RentoMojo’s strong listing earlier this month.
The startup is expected to appoint ICICI Securities as an advisor for the IPO, while the final valuation will depend on market conditions and investor feedback.
Days after rival RentoMojo’s strong stock market debut, furniture and appliance rental startup Furlenco is reportedly gearing up for a potential ₹1,000-1,200 Cr IPO.
The Bengaluru-based startup is seeking a valuation of around ₹7,000 Cr (about $xx Mn) through the proposed issue, the Economic Times reported, citing sources. However, the final valuation is expected to be decided closer to the IPO, depending on market conditions and investor feedback during roadshows.
Furlenco is looking to launch the IPO in FY28 and is expected to soon appoint ICICI Securities as an advisor for the public issue, the report added.
Questions sent to Furlenco remained unanswered at the time of publication. The story will be updated upon receiving a response.
The IPO plans come after Furlenco turned profitable in FY25 and further expanded its bottom line in FY26.
Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates a subscription-driven furniture and appliance rental platform. It offers more than 300 SKUs across 28 cities, including Bengaluru, Mumbai, Delhi NCR, Chennai, and Kolkata. Besides rentals, the startup also sells new furniture.
Its operating revenue surged 61.9% to ₹370.4 Cr in FY26 from ₹228.7 Cr in the previous fiscal year. Its net profit jumped nearly 20X to ₹59.5 Cr from ₹3.1 Cr in FY25.
The company’s EBITDA nearly doubled to ₹129.5 Cr in FY26 from ₹66.4 Cr in FY25, while its EBITDA margin expanded to 35.01%.
Furniture and office equipment rentals accounted for around 92% of Furlenco’s operating revenue in FY26. Rental income jumped 64% YoY to ₹341.1 Cr, while revenue from furniture sales rose 38% to ₹29.4 Cr.
Meanwhile, total expenditure increased 45.1% YoY to ₹343.9 Cr from ₹236.9 Cr in FY25.
The startup raised ₹125 Cr (about $15 Mn) in a funding round led by existing investor Sheela Foam, along with participation from Whiteoak and Madhu Kela, in December last year. The capital was earmarked towards strengthening its presence in existing markets, entering new markets and investing in product innovation, technology and customer experience.
Furlenco has raised more than $290 Mn in funding to date from investors like Lightbox Ventures, Crescent Ventures, Whiteoak, and Madhu Kela.
Furlenco Joins Growing Startup IPO Queue
Furlenco’s IPO plans come shortly after primary rival RentoMojo raised ₹1,255.6 Cr through its public issue. The IPO closed with an overall subscription of 72.88X before RentoMojo’s shares listed at ₹482.45 on the NSEa premium of 19.42% over the issue price of ₹404.
Several other Indian startups are also preparing to tap the public markets. Digital lending platform Moneyview’s IPO will open for subscription on Thursday (September 24), while Snapdeal parent AceVector’s public issue will open on Friday (September 25).
Used-car marketplace Spinny has also filed its draft IPO papers through the confidential route for a ₹2,500-₹3,000 Cr issue.
Meanwhile, PhonePe is targeting an IPO by March 2027 after the government introduced MDR on certain UPI transactions. Other startups in the IPO pipeline include Kuku, Razorpay, OYO, Zetwerk, and Atomberg.