[Funding alert] RentoMojo to raise Rs 77 cr in Series C led by Accel and Chiratae
RentoMojo's Series C funding round will see participation from a new Japanese investor, GMO VenturePartners, along with existing investors. The startup will use the funds to speed up growth and expand to new cities.
RentoMojo, a Bengaluru-based online appliance and furniture rental platform, is raising Rs 77 crore in its Series C funding from existing investors Accel Partners, Chiratae Ventures, IDG Ventures, Bain Capital, and former Lending Club CEO Renaud Laplanche. The round will also see participation from a new Japanese investor, GMO VenturePartners, according to RoC filings accessed by Yourstory.
Accel and Chiratae are leading this funding round, which will be used by the company for accelerating its growth and expansion to new cities.
In July 2017, the company had secured Series B funding of $10 million led by Bain Capital. In July 2016, the firm received $5 million in Series A funding from IDG Ventures and Accel Partners, India.
Founded in 2014 by Geetansh Bamania, RentoMojo is a marketplace that offers furniture, appliances, 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.
RentoMojo competes with the likes of Furlenco, Urban Ladder, and Pepperfry among others. In March 2019, Bengaluru-based Furlenco had secured $5.84 million in a Series C funding round from Lightbox Ventures, Crescent Enterprises, and others. Now the startup is set to raise $50 million in Series D funding in the coming fiscal.
Furlenco Founder and CEO Ajith Karimpana told YourStory that Furlenco has seen tremendous growth over the years, and was set to become the first furniture rental company to hit Rs 100 crore in revenue.
In January 2019, Pepperfry's existing investors Goldman Sachs PE, Norwest Venture Partners, and Bertelsmann India Investments were planning to invest $100 million in the company to expand its offline presence and diversify, according to media reports.
In March 2018, Urban Ladder had received $12 million led by Kalaari Capital, Sequoia Capital, Steadview Capital, and SAIF Partners.