Furniture and consumer appliances rental startup CityFurnish has raised $5 million in funding from investors including Gmail founder Paul Buchheit, Youtube founder Steve Chen, and venture capital firms Global Founders Capital, Venture Highway, Soma Capital, SCM Advisors and Boomerang Ventures.
Apart from these, a few other angel investors and high-net-worth individuals also participated in the round, per a company statement.
Operated by Magneto Home Pvt. Ltd, Cityfurnish will use the funds to strengthen its brand position, technology, and expansion into new cities.
Founded in September 2015 by Jain and Saurabh Gupta, CityFurnish offers furniture, furnishings, appliances and fitness equipment on rent. The startup currently operates in cities including Delhi NCR, Bengaluru, Mumbai, and Pune, and plans to expand in 14 Indian cities by 2020.
It had raised an undisclosed amount in seed funding from Citrus Pay’s co-founder Jitendra Gupta in 2015. Later, it secured angel funding from Times Group’s investment arm Brand Capital, and Manoj Gupta, director, Credit Suisse.
Cityfurnish, which competes with the likes of RentoMojo, Furlenco, and RentOnGo, was also a part of US-based accelerator programme Y Combinator’s 2019 winter batch.
RentoMojo recently secured $717,000 in debt funding from Infosys Ltd co-founder Senapathy Kris Gopalakrishnan via non-convertible debentures. It is reportedly raising about 11 million (Rs 77.72 crore) in a Series C funding round led by existing investors Accel India and Chiratae Ventures.
Furlenco, which counts Lightbox Ventures, Crescent Enterprises and Trifecta Capital among its investors, too, is planning to raise up to $50 million, according to media reports.