Gurugram (Haryana) [India], January 31 : Cityfurnish announced the close of a USD 2.5M financing round, including debt and equity, bringing its total amount raised to date to 10M in equity and debt with which it will further its mission of bringing unprecedented ease & flexibility to the home furnishing experience.
Northern Arc Capital led the debt round, joined by Western Capital and UC Capital. Existing backers also collectively participated in the funding round.
Founded in 2015 by Neerav Jain and Saurabh Gupta, Cityfurnish is an online furniture rental platform that allows consumers to rent furniture for short-term or flexible needs without sacrificing the excellence of service.
Cityfurnish solves a major problem for urban India’s large population of renters: more than 70 percent of apartments in metro cities are unfurnished or semi-furnished.
With the fast-changing lifestyle in India, many people are getting mobile—they want flexibility and convenience. Many of them don’t know how long they will stay at their jobs or where they will live a year from now. They need furniture that is easy to move and doesn’t tie them down. Cityfurnish offers a wide variety of home furnishing options for rent, including dining tables, beds, wardrobes and sofas. The company’s online platform makes it simple for customers to browse through the inventory, select items they like and book, return or relocate them instantly.
Cityfurnish surveyed its users and found that although people wanted to live in style, luxury and comfort without losing their freedom of movement (their ability to easily move around), trying to meet their need for furniture, many customers were forced by market conditions into purchasing what they could afford rather than availing the product that best fit their needs.
Keeping all this in mind, Cityfurnish founders made it their mission to make furniture rental better than buying.
“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. The idea to have an alternative to buying for flexible requirements gave birth to Cityfurnish.”
Cityfurnish has a full stack model, which includes in-house designing of the furniture using solid Sheesham wood to control the last-mile delivery & assembly of the furniture. All of this is managed by the Cityfurnish team to provide the customers WOW experience. And what makes Cityfurnish stand out is all of this is done with 72 hr free delivery and service like free maintenance & free relocation/upgrade.
But some users find buying more comfortable than renting. Zior is the next-line effort for users who love the products and services provided by Cityfurnish but, instead of renting, want to buy. Zior also offers classy designs, robust style, delicate edges and hassle-free handling suitable for every possible furniture requirement that meets the eye.
Getting back to the topic at hand, following the Series A round of funding which included investors like Y Combinator, Venture Highway, Global Founders Capital and marquee angels like Gmail creator Paul Buchheit and YouTube co-founder Steve Chen, the company had turned profitable and recorded more than 100 per cent growth in revenue through 2022, currently present in Delhi NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai. With this funding, Cityfurnish aims to expand its operations and strengthen the company’s brand position, technology and presence in different cities by 2025.
“Team 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.”
