Grip Invest invests $5 million in House of Kieraya
Gurugrum : Grip Invest, a digital platform for facilitating new-age asset-backed investments, has entered into a $5 million asset financing deal with House of Kieraya (HoK), well-known for furniture and lifestyle rental brand, Furlenco. The deal will enable HoK to access additional furniture assets to support the rapid growth they are witnessing in terms of new users.
The partnership will help Grip Invest in educating more companies in successfully leveraging asset leasing models to accelerate their business growth and will further play a key role in achieving their larger targets of INR 1,000 Cr in AUM by September 2022.
On the announcement of partnership with HoK, Nikhil Aggarwal, Founder & CEO, Grip Invest, said, “Lease finance as a form of growth capital has an unseen and untapped potential in India. Ever since inception, we’ve aimed at encouraging companies to look beyond traditional forms of financing and opt for leasing models. I am happy to join hands with like-minded companies like Furlenco who have built a strong business on the back of leasing. This partnership will give Grip more visibility to reach it’s targets for the next two quarters. We continue to look for many such alliances that can support us in our aim to unlock growth opportunities through asset deployment financing.”
In a recent move, Furlenco has formed House of Kieraya (HoK), a corporate brand that includes Furlenco, and its sub-brand – UNLMTD – the world’s first furniture subscription service, along with Furbicle – a remanufactured furniture brand.
“We are seeing unprecedented growth that has exceeded our expectations. Our partnership with Grip will help fuel the asset demand that is coming on the back of our aggressive growth and expansion plans. Over the years, we have proven that alternate debt platforms can work seamlessly with growing companies like ours. We plan to expand to 25 cities soon, and HoK is targeting a revenue of INR 2500 Cr by 2026.”, says Vaibhav Laddha, Head of Corporate Finance at HoK.
Grip has facilitated leasing of assets worth INR 100+ cr so far and enabled 50+ companies such as Udaan, Furlenco, Holisol, Everest Fleet, Loadshare, IPL Tech, ChargeZone, Vogo, FleetX, FabAlley, BlueTokai, etc to access a different channel of growth capital.