India: Furniture rental startup CasaOne secures $50m debt from Credit Suisse

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Furniture rental company CasaOne Thursday announced that it has received $50 million in debt financing from financial services company Credit Suisse.

The startup will use the funding to support the overall business growth as well as to expand into additional product categories within furniture, fixtures, and equipment, the company said in a statement.

San Francisco- and Bengaluru-based CasaOne has raised $16 million in a Series B round of financing led by Accel in November last year. The round had also seen participation from return investors JLL Spark, Freestyle Capital, NextWorld Capital, and Array Ventures, and new investors including Quiet Capital, and WeWork.

“In light of Covid-19, we are seeing a further acceleration in demand for on-demand, flexible furniture rental and leasing options in addition to remote work/work from home solutions. It will also help us expand into newer equipment categories to support businesses emerging out of the current crisis,” said Shashank Shankaranarayana, CEO of CasaOne and BureauOne.

CasaOne and its B2B offering, BureauOne, provide full-service rental solutions across six markets currently, including Chicago, New York, Los Angeles, Seattle, the San Francisco Bay Area, and Washington, D.C.

Other players operating in the online furniture rental space include, RentoMojo, Furlenco, Pepperfry, GrabOnRent and CityFurnish.

Last month, Rentomojo, operated by Edunetwork Pvt. Ltd, had reportedly raised about $3.3 million (Rs 24.5 crore) from its existing backers, including Accel, Chiratae Ventures, Bain Capital, and French entrepreneur Renaud Laplanche. Separately, Furlenco had secured around Rs 9 crore (around $1.26 million) in two tranches of debt-funding between July and August last year to expand its operations.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.