Furniture Rental Startup Rentomojo Secures INR 210 Cr Led by Edelweiss Discovery Fund The startup plans to utilise the fresh funds to strengthen the startup's balance sheet and for business expansion.
By Entrepreneur Staff •
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Bengaluru-based furnishing rental startup Rentomojo has secured an investment of INR 210 crore in its ongoing Series D and D1 round.
The round is led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund, as well as Magnetic, founded by Rajeev Chitrabhanu.
This latest round of funding will help the company to continue developing its appliance and furniture rental category in India.
Ashish Agarwal, Managing Partner of Edelweiss Discovery Fund, said, "We are excited to partner with Geetansh and the Rentomojo team. The company offers a smart home-furnishing alternative to working professionals who value the freedom of flexibility in their housing options. This category has tremendous potential for growth, and Rentomojo's leadership team is well-positioned to continue to profitably grow and lead this segment."
Founded in 2014, RentoMojo is a marketplace for renting electronics, appliances, and furniture. It has provided services to around 450,000 clients in 16 cities and has established strong relationships with prominent lenders to meet customer demands, ensuring the company has the necessary resources to meet the ever-changing needs of its customers.
Geetansh Bamania, Founder and CEO of Rentomojo attributes the performance to a combination of factors, including a robust team, rigorous cost management, sound governance practices, a tech-first approach and an unwavering focus on enhancing the customer experience.
In June 2020, the startup raised USD 2.97 million and in May 2020, it raised USD 3.23 million.
Over INR 2 crore in operating revenue, the company generated a net profit of INR 6.2 crore in the previous fiscal year.
