Cityfurnish, an India-based online rental marketplace for furniture and consumer appliances, has bagged US$5 million in a Series A round from investors including Gmail creator, Paul Buchheit, Youtube co-founder, Steve Chen, and other venture capital firms.
Operated by Magneto Home Pvt. Ltd, Cityfurnish aims to use the investment to strengthen its brand position, technology, and expansion into new cities.
Founded in 2015, CityFurnish offers furniture, furnishings, appliances and fitness equipment on rent, operating in cities including Delhi NCR, Bengaluru, Mumbai, and Pune, with plans to offer services in 14 other Indian cities by 2020.
Prior to this, the company had raised an undisclosed amount in seed funding from Citrus Pay in 2015, as well as angel funding from Times Group’s investment arm, Brand Capital, and Manoj Gupta, director, Credit Suisse.