Furlenco, a start-up furniture leasing company in India, said on the 5th of this month that it has raised US$140 million in Series D financing to expand its business scale in the South Asian market and explore international market expansion.

This round of financing was led by Zinnia Global Fund from Mauritius. Original investors Lightbox Ventures, CE-Ventures and angel investor Saket Burman also participated in the financing.

After financing, Furlenco may expand into the Middle East and other international markets, and will use new funds to promote growth, invest in design, expand to more cities and build its assets and user base, and strive to create 300 million US dollars in the next five years annual income.

Furlenco is a start-up company founded by former investment company Goldman Sachs and Morgan Stanley executive Ajith Mohan Karimpana, headquartered in Bangalore, India. It provides rental services of the same-name brand furniture in more than a dozen cities in India. Recently, it will lease services expand to categories such as home appliances.

Furlenco said that expanding into the new category helped the company lose only a small 5% in the fiscal year ending in March of this year.

When the COVID-19 virus hit last year, the rental platform sales fell sharply, but the market still has a huge potential for development. According to industry estimates, the furniture and electrical appliance leasing industry is currently worth more than US$4.5 billion.

The company did not disclose its valuation in this round of financing, but it is expected that it will become the most highly valued company in this field in India.