RentoMojo, India’s leading consumer leasing company, has raised $10 million in Series B from new investors Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners & IDG Ventures also participated.
Founded by IIT alumnus Geetansh Bamania, RentoMojo is a first-of-its-kind consumer product leasing business that raises lease-capital from financial institutions for products rented to consumers for long-term periods, typically 18 months.
Salil Deshpande, Managing Director at Bain Capital Ventures, who appears on the Forbes Midas List of the 100 best-performing venture investors for the 5th year in a row, and was a Series A investor in Lending Club, joins RentoMojo’s board. Renaud Laplanche, co-founder and CEO of Upgrade, the founder and ex-CEO of Lending Club, and generally known as the father of the P2P lending industry, also joins RentoMojo’s board.
Geetansh Bamania, CEO & Founder, RentoMojo said, “India is credit-constrained. We have consumer lending, but not consumer leasing. We believe that the leasing value-proposition is stronger than lending, especially for today's youth which opts to pay as they use, rather than buying. Innovation is at the core of everything we do. Salil’s and Renaud's faith in us has further boosted our confidence that we are creating something very valuable. I urge folks looking to do something innovative in this sector to join us in creating a proposition that has never existed before.”
“In the last ten years, I’ve met more than a hundred companies implementing some variation of marketplaces for credit, lease, or rental in some region of the world. RentoMojo is hands down the most impressive I've seen in terms of clarity of vision and business model, early execution that already generates amazing economic returns, and a pretty straight path to making it a very big business capable of changing the lives of millions of people,” Mr. Laplanche said.
Since its inception in 2014 RentoMojo has expanded to Pune, Mumbai, Bangalore, Delhi, Chennai and Hyderabad, with 25,000+ subscribers on the platform. The funds raised will be used to further strengthen the product, finish building a stellar leadership team, and expand into new categories and geographies.
Prior to this financing, RentoMojo had raised a total of $7 million in Seed and Series A from Accel Partners and IDG Ventures.
“Rentomojo is going after a potentially very large market and has demonstrated impeccable execution so far. We are very happy to be part of the Company’s journey and continue to remain excited about its future potential", Venkatesh Peddi, Executive Director IDG Ventures said.
Bain Capital Ventures has helped launch and commercialize more than 200 companies since its founding in 2000. With $3.6 billion under management, the firm focuses on a mix of early- and growth-stage investments across enterprise software, infrastructure software, fintech, and industries being transformed by data. In the last 12 months the firm had three exits over $1 billion — Jet.com (Walmart), Blue Coat Systems (Symantec) and SquareTrade (Allstate). Recent new and follow-on investments include Signifyd, Frame, Sendgrid, Redis Labs, OpenFin, Sysdig, Roofstock, DocuSign and Tealium.