Industry News

Citrus Pay Co-Founder, Jitendra Gupta Funded Cityfurnish

 An online platform for renting furniture, appliances and furnishings, Cityfurnish has raised a seed funding from Jitendra Gupta, Co-Founder of Citrus Pay. The funding amount is not yet disclosed.

This money will be used to build the core team and develop technology back-end of Cityfurnish. It would change customers view towards renting or sharing economy.

Cityfurnish, provides furniture, furnishings and appliances on rent, run by a Gurgaon-based company, Magneto Home Pvt. Ltd. Cityfurnish works through a marketplace model with a third-party provider.

Cityfurnish is operating in Delhi-NCR and claimed to have furnished about 75-80 properties in the region.

Recently, there are few other competitor companies of Cityfurnish which managed to raise funding like Rentomojo, had raised $2 million from Accel Partners and IDG Ventures India and Furlenco, an online venture for renting furniture for residential use, had raised $6 million from LightBox Ventures.

According to TechSci Research the concept of online renting furniture will change the perception of the customer towards renting or sharing economy. Indian e-commerce market, which according to a recent report published by TechSci Research India E-commerce Market Forecast & Opportunities, 2020”, will grow at a CAGR of more than 36% during the next 5 years, would play a vital role in growth of Online furniture rental market.