Bengaluru, Jun 22 (IANS): Online furniture rental platform Furlenco on Wednesday said that it has doubled its revenues in the past 12 months and despite global headwinds, it is on course to become free cash positive by the first quarter of next year and become profitable.

The startup said it has started generating positive cash flows from operations and aims to reach Rs 500 crore revenue run rate in a year.

House of Kieraya (HoK), the parent company of Furlenco, last year doubled its annualised revenue run rate (ARR) from Rs 100 crore to an ARR of Rs 200 crore.

"I believe as a new-age startup, one should aim to create real shareholder wealth for the longer term which is why we have taken the decision to walk the path of profitability while focusing on growth in parallel," said Ajith Mohan Karimpana, Founder and CEO, House of Kieraya (HoK) and Furlenco.

Furlenco raised nearly $250 million across equity and debt rounds from VCs like Lightbox, Eudora Ventures, Eagle Holdings, Zinnia Global Fund and CE-Ventures.

Karimpana said that post-pandemic, the company saw a huge demand leading to high utilisation rates.

House of Kieraya (HoK) aims to become the largest furniture and lifestyle brand in the country by 2024.

Earlier this month, the company announced Nitesh Mohandas as its Chief Business Officer (CBO) and appointed Ajay Agarwal as its Chief Supply Chain Officer, as it looks to bolster its presence in the country.

"As we step into our next phase of evolution and growth, I am sure both of them will bring in a lot of diverse experience and industry expertise that will guide us in our journey ahead," said Karimpana.