Furlenco Unlisted Share Price ( House of Kieraya Limited )

Furlenco, founded in 2012, operates in the furniture and appliance rental segment and also sells furniture to B2C and B2B customers.

As of September 2026, the company operates across 28 cities, with 63+ stores and 7 warehouses. Its portfolio includes 300+ SKUs across furniture and appliances, serving 200,000+ subscribers through both rental and purchase models.

Brands

Furlenco: Furniture and appliance rental business offering flexible subscription plans.

UNLMTD: Subscription-based furniture and appliance offering.

Furbicle: Refurbished and recycled furniture business focused on resale of used inventory.

Prava: Premium furniture brand focused on high-end retail, with a buy-back program.

Products

Furlenco’s portfolio is primarily focused on furniture, which accounts for around 70% of its portfolio, while the company also offers appliances for rental and sale. Key products include beds, sofas, wardrobes, tables, chairs, refrigerators, washing machines, TVs and air conditioners.

Revenue Split:

Rental Revenue from Furniture & Appliances: FY26  ₹341 Cr (92.2%) vs FY25 ₹209 Cr (90.9%).

Revenue from Furniture Sales: FY26 ₹29 Cr (7.8%) vs FY25 ₹21 Cr (9.1%).

Industry

Theme

India’s furniture and appliance rental market has gained traction post-COVID, supported by the expansion of the rental housing market and increasing mobility among young professionals.

India had approximately 43 million rental households in CY2025, representing around 29% of urban housing stock, up from approximately 21 million in CY2011. This is expected to reach around 105 million households by CY2050.

Around 80% of rental housing is unfurnished or semi-furnished, creating demand for rental furniture and appliances. For young professionals and new job seekers, renting can reduce the upfront cost of furnishing a home while providing greater flexibility when relocating. Shorter rental tenures and frequent relocation further support the demand for rental furniture.

Market Penetration

Furniture: Rental penetration increased from 0.65% in CY2021 to 1.0% in CY2025.

Appliances: Rental penetration increased from 0.5% in CY2021 to 1.4% in CY2025.

Market Size

India’s home furniture and appliance rental TAM was estimated at ₹69,520 Cr in CY2025 and is projected to reach ₹1,17,210 Cr by CY2030P, implying an 11% CAGR.

The organized rental market expanded from ₹350 Cr in CY2021 to ₹1,550 Cr in CY2025, representing an 45% CAGR. It is projected to reach ₹6,030 Cr by CY2030P, implying an 31% CAGR.

Excluding water purifiers, the organized rental market stood at approximately ₹1,150 Cr in CY2025 and is expected to grow at around 30% CAGR. Around 80–85% of this segment is already organized.

Water purifier rentals are also projected to grow at approximately 31% CAGR, supported by recurring subscription and service-based revenue models.

FURLENCO  Financials

Furlenco has grown at a rapid pace over the last couple of years. Its revenue increased from just ₹140 crore in FY24 to ₹370 crore in FY26. During the same period, its subscriber base increased from 1.5 lakh in FY25 to 2 lakh in FY26, a 33% increase.

The growth in scale has also translated into stronger operating profitability. EBITDA increased from ₹55 crore in FY25 to ₹129 crore in FY26, while the EBITDA margin expanded from 24% to 35%. This improvement in operating performance resulted in a sharp increase in profit, with PAT rising from ₹3 crore to ₹59.5 crore, an increase of 1,883% year-on-year.

The company has also seen improvements in working-capital metrics. Receivable days declined from 12.3 days to 8.7 days, meaning the company is collecting payments faster. Inventory days declined from 184 days to 168 days, while payable days reduced from 426 days to 375 days.

The balance sheet has also improved, with the debt-to-equity ratio declining from 1.83x in FY25 to 1.15x in FY26. At the same time, Furlenco’s return ratios have turned positive. ROE improved from -1.96% in FY25 to 23.19% in FY26, indicating a significant improvement in profitability relative to shareholder equity.

FUNDRAISE : 

Funding & Strategic Investment

Furlenco has raised about $300 million in equity and debt funding since 2014, with major investors including Lightbox Ventures, CE Ventures, Sheela Foam, WhiteOak and Madhu Kela.

The company’s major strategic investment came from Sheela Foam, the parent company of Sleepwell. In 2023, Sheela Foam invested ₹300 crore for a 35% stake in Furlenco. It subsequently invested another ₹107 crore for an additional 10.5% stake. With a total investment of ₹407 crore, Sheela Foam holds a 43.74% stake in Furlenco and has become its strategic investor.

 The partnership is also expected to help Furlenco expand its offline presence through Sheela Foam’s distribution network. Sheela Foam has around 5,000 dealers, of which it aims to leverage around 100–200 dealers for Furlenco. The strategy is focused on entering new categories, expanding into new cities and increasing Furlenco’s offline reach through Sheela Foam’s existing network.

IPO Plans

According to various sources, Furlenco is expecting to raise around ₹1,000–1,200 crore through its IPO at a targeted valuation of around ₹7,000 crore. Before the IPO, the management has set a target of reaching ₹500–600 crore in revenue, with a longer-term target of achieving at least ₹1,000 crore by 2030.

Furlenco has also appointed ICICI Securities as an advisor for the proposed IPO.

Peer-to-Peer Valuation: Furlenco Unlisted Share Price  vs Rentomojo Share Price

Furlenco and Rentomojo operate in the same furniture and consumer-durables rental industry, making Rentomojo a relevant peer for comparing Furlenco’s growth, profitability and valuation. However, the two businesses have a different revenue mix. Furlenco generates around 70% of its revenue from furniture rentals, while Rentomojo’s revenue is more diversified, with approximately 50% coming from furniture rentals and 47% from appliances. Therefore, while both companies operate in the broader rental market, their individual business models are not identical.

In terms of scale, Rentomojo is currently larger, with a market capitalisation of around ₹5,290 crore and a subscriber base of approximately 2.54 lakh, compared with Furlenco’s market capitalisation of around ₹2,047 crore and subscriber base of around 2 lakh. 

The comparison becomes more interesting when growth and profitability are considered alongside valuation. Rentomojo has a higher subscriber base and a stronger EBITDA margin of 42%, compared with 34.86% for Furlenco. Its ROE is also higher at 45.40%, compared with 22.37% for Furlenco. 

However, Furlenco has reported faster revenue growth. Its revenue has grown 62% YoY, compared with 45.51% for Rentomojo. This indicates that Furlenco is expanding at a faster reported revenue-growth rate despite operating at a smaller scale.

The valuation multiples also show a significant difference. Furlenco is valued at 34.39x earnings, while Rentomojo is valued at 48.7x earnings. On a price-to-book basis, Furlenco trades at 7.67x, compared with 17.67x for Rentomojo. 

Based on the numbers provided, Furlenco is trading at lower valuation multiples than Rentomojo while reporting higher revenue growth. Rentomojo, on the other hand, has a larger subscriber base and higher EBITDA margin and ROE.