Rentomojo bags Rs 210 Cr led by Edelweiss Discovery Fund, others
The latest funding will allow Rentomojo to continue developing its appliance and furniture rental business in India.
, a furnishing rental brand, has secured Rs 210 crore investment in its ongoing Series D and D1 round led by Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund and Magnetic, founded by Rajeev Chitrabhanu.
The latest funding will allow the company to continue developing its appliance and furniture rental business in India.
"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," said Ashish Agarwal, Managing Partner of Edelweiss Discovery Fund.
Bengaluru-based RentoMojo, founded in 2014, is a rental platform for furniture, appliances, and electronics. It has served nearly 450,000 customers 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.
It has established offline experience centres across major pin codes.
Founder and CEO Geetansh Bamania attributes Rentomojo's 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.
The company has reported a profit of Rs 6.2 crore in the financial year ending March 2023, up from a loss of Rs 13 crore in the previous year. The firm's revenue from operations increased by 22% to Rs 121 crore, while total expenditure only slightly increased to Rs 117 crore.
Edited by Suman Singh