Gurgaon-based furniture rental start-up Cityfurnish.com, run by Gurgaon-based Magneto Home Pvt Ltd has raised an undisclosed amount of funding from Brand Capital, the investment arm of media conglomerate Bennett, Coleman and Co. Ltd. (BCCL).
Founded in September 2015 by 22 year old Neerav Jain, Gurgaon based Cityfurnish is an on demand rental platform for renting furniture, furnishing and appliances. The startup provides a range of furniture and furnishing that includes sofa sets, beds, dining tables, and more. The company works with third-party providers through a marketplace model besides keeping inventory on its books.
Cityfurnish has seen 33 time growth in 3 months. It aims to revolutionise the rental industry in India by making renting affordable and easy. With the advent of shared economy and rise in dislocation among the millennials, renting is set to increase and Cityfurnish wants to capture this market.
Born and brought up in the furniture industry with his family business sharing the same roots, Neerav did his graduation from Delhi University and Neerav went on to learn Business Innovation and Lean Start-up approach at Utrecht University. Earlier Neerav had worked with Pepperfry as an Export Intern and his family firm Chandra Shekhar Exports, but the bug of entrepreneurship led him to start Cityfurnish.
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Announcing the investment received, Neerav Jain, Founding Director of Cityfurnish said, “We are happy and excited about our new association with Times Group. We intend to leverage their ability to build brands through their prestigious advertising channels. We foresee a new elevated status for our brand, which shall help us expand faster in new cities.”
According to a report published by TechSci Research, “India Furniture Market Forecast & Opportunities, 2019”, India’s furniture market is projected to cross $32 billion by 2019. The rental market in India is still in a nascent stage with unorganised vendors and payment networks aplenty. With the entry of start-ups like Cityfurnish, this is set to change. Cityfurnish’s focus is on creating a rental ecosystem that would enable the highly mobile urban population to access premium lifestyle products at easy and affordable rentals.
Currently, Cityfurnish offers a variety of home furniture and furnishing on affordable monthly rental plans. It has also launched a new category of exercise equipment recently. “We want to become a one-stop solution for premium lifestyle products on rent,” said Neerav Jain, founder of Cityfurnish.
Cityfurnish plans to advertise its brand and offerings through various media publications of Bennett, Coleman & Co Ltd, which operates as Times Group. The partnership is a significant step in propelling the brand to newer heights as it seeks to increase its footprint to 6 metro and tier one cities and to become a sought after brand in premium lifestyle products rental space. This round also saw the participation of existing investors of Cityfurnish further strengthening their confidence in Cityfurnish.
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The startup is already operating in Gurgaon, Delhi and Bangalore and now planning to launch its services in Pune and Mumbai soon.