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Furlenco raises Rs 125 Cr from Sheela Foam and others

EntrackrEntrackr · 13d ago
Furlenco raises Rs 125 Cr from Sheela Foam and others
Medial

Furlenco raises Rs 125 Cr from Sheela Foam and others Subscription-based furniture rental firm Furlenco has raised Rs 125 crore ($15 million) in a new funding round from Sheela Foam Limited, with additional participation from Whiteoak and Madhu Kela. This marks Sheela Foam’s (the parent company of Sleepwell) first investment in Furlenco since acquiring a 35% stake in the company in July 2023, a deal that involved a cash outlay of Rs 300 crore. The new funds will be used to expand its product portfolio, strengthen omnichannel operations, and prepare the business for public-market readiness through broader distribution and operational scale. According to Furlenco, it is also preparing for a potential IPO in the coming years as part of its long-term strategy. Founded in 2012, the company operates a subscription-led furniture business and has raised multiple rounds of equity and debt from investors including Sheela Foam, Lightbox Ventures, Crescent Ventures, and Eagles. Furlenco claims to have more than 1.5 lakh active subscribers and has furnished over 10 lakh homes across India since launch. The company offers rental, purchase, and refurbished furniture options. According to startup data intelligence platform TheKredible, Furlenco has raised a total of $313 million in funding to date, with Sheela Foam and Lightbox Ventures as its lead investors. As of the last funding round, Furlenco’s founder and chief executive, Ajith Mohan Karimpana owned 12% of the company. Furlenco became profitable in FY25. As per TheKredible, the company recorded Rs 240 crore in revenue and Rs 3 crore in profit for FY25, compared to a loss of Rs 139 crore in FY24. Its subscription model and capital allocation contributed to the shift.

Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price

EntrackrEntrackr · 3d ago
Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price
Medial

Swiggy has closed its Rs 10,000 crore qualified institutional placement (QIP) on December 12 after raising funds from eligible institutional investors. In a filing with the stock exchanges, the company said its Investment and Allotment Committee had approved the issuance and allotment of 26.66 crore equity shares at Rs 375 per share. The issue price represents a 3.97% discount to the floor price of Rs 390.51 and includes a premium of Rs 374 per share. Swiggy has also finalized allocations to qualified institutional buyers and adopted the placement document on December 12. The fundraise follows the shareholder approval received on December 8 when 99.47% of votes cast at the extraordinary general meeting backed the proposal to raise up to Rs 10,000 crore through a QIP. A day later, the company launched the issue and set the floor price at Rs 390.51 per share. Swiggy said that the capital would be used to strengthen its balance sheet and support the expansion of Instamart along with investments in logistics and technology infrastructure. The Bengaluru-based firm's shares gained more than 2% on December 9 as the QIP opened for subscription. The issue saw strong traction from institutional investors. Between December 10 and 11, demand exceeded four times the offer size. Large domestic mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Kotak Mutual Fund reportedly participated in the offering. Global investors such as Temasek, GIC and Nomura also subscribed to the issue. With the allotment completed, Swiggy has executed one of the largest equity raised by an Indian internet company.

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