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RentoMojo Raises Rs 22 Cr From Existing Investors

Amid such market conditions in the wake of the coronavirus pandemic, the company has scooped fresh funding.

Online furniture and appliances rental platform, RentoMojo has raised around Rs 22.43 crore from its existing investors, Shri Investment; Pratithi Investment Trust and Gautam Dalmia. The company has allotted 2594 Series C2 CCPS at Rs 86,471.17 per share to these investors to rake in Rs 22.43 crore. 

The Bengaluru based startup, RentoMojo began its operations in 2014 and was founded by Geetansh Bamania, Achal Mittal, Ajay Nain and Gautam Adukia. RentoMojo leases out consumer appliances, furniture and electronics on lease in Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram. The startup also provides free relocation, maintenance, and product swap facilities on the rented items. 

It raises lease-capital from financial institutions for products rented to consumers for long periods, typically up to 18 months. The startup follows an asset-light model where it has tied up with strategic vendors and works on a cost-sharing basis with them.

“The organised market for renting is still at its infancy in terms of penetration and there is huge potential for a number of players to establish themselves in this domain. While companies do look at ways of promoting and attracting consumers, the success of our business largely depends on scalability. At RentoMojo we have tripled our revenue in FY19 and are on track to turn EBITDA-profitable in FY21,” Geetansh Bamania, founder and CEO of Rentomojo had earlier said.

Amid such market conditions in the wake of the coronavirus pandemic, the company has scooped fresh funding.

In July 2017, it had received Series B funding of $10 million led by Bain Capital. In July 2016, the startup raised $5 million in Series A funding from IDG Ventures and Accel India. 

In the rental space, RentoMojo competes with the likes of startups such as Furlenco, Urban Ladder and Pepperfry among others. 

In March this year, Bengaluru-based Furlenco raised $5.84 million in Series C round from investors including Lightbox Ventures and Crescent Enterprises.

In March 2018, Urban Ladder had received $12 million led by Kalaari Capital, Sequoia Capital, Steadview Capital, and SAIF Partners. 

Samsung Venture Investments Corporation already invested nearly $8.5 million in Indian startups such as Indus OS, Silvan Innovation Labs and Gnani.ai. 

In its six years of operations, Rentomojo has raised over $35 million from the likes of Accel, Chiratae Ventures, and Bain Capital. The Geetansh Damania-led firm had recently touched the $100 million valuation mark.

Amid such market conditions in the wake of the coronavirus pandemic, the company has scooped fresh funding.



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