[Funding alert] Furniture rental startup RentoMojo to raise Rs 27.7 Cr led by Samsung VC arm
RentoMojo, a Bengaluru-based online appliance and furniture rental platform, is raising Rs 27.7 crore as part of its Series C funding led by Samsung’s venture capital arm Samsung Venture Investments Corporation (SVIC), with participation from Mitsui Sumitomo Insurance Venture Capital (MSIVC), a private equity and VC ancillary of Mitsui Sumitomo.
According to RoC filings accessed by YourStory, the startup has passed a resolution to increase its authorised share capital from Rs 50 lakh to Rs 75 lakh, and further issue 2,980 Series C CCPS along with 10 equity shares.
Samsung will be investing around Rs 20.88 crore, while MSIVC will infuse Rs 6.86 crore for the allotment of 740 Series C CCPS (cumulative convertible preference shares).
In July 2019, the company secured Rs 1.16 crore from Renaud Laplanche, the Co-founder and CEO of Upgrade, who earlier participated in the startup’s Series C funding round of Rs 77 crore in May, along with Accel Partners, Chiratae Ventures, IDG Ventures, and Bain Capital. At that time, the startup said the funds will be used for accelerating its growth and expansion to new cities.
Geetansh Bamania, Founder, RentoMojo
RentoMojo also raised Rs 15 crore in debt capital from Blacksoil Capital and Mahavir Dwellers earlier this year.
Founded in 2014 by Geetansh Bamania, RentoMojo 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.
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.
(Edited by Megha Reddy)