SUMMARY
The funding round also saw participation from existing investor Chiratae Growth Fund and investment firm Magnetic
Rentomojo cofounder and CEO Geetansh Bamania said that the fresh capital will be used to strengthen the startup’s balance sheet and for business expansion
Founded in 2014, RentoMojo leases out consumer appliances, furniture and other furnishing products through its app and website
Online furniture rental startup rentomojo
has raised INR 210 Cr ($25 Mn) in its Series D and D1 round led by Edelweiss Discovery Fund Series – I.
The round also saw participation from existing investor Chiratae Growth Fund and investment firm Magnetic.
Rentomojo cofounder and chief executive officer (CEO) Geetansh Bamania told Inc42 that the fresh proceeds will be used to strengthen the startup’s balance sheet and for business expansion.
“… 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 managing partner at Edelweiss Discovery Fund Ashish Agarwal.
Chiming in, Chiratae Ventures managing director and partner Venkatesh Peddi said, “We are strong believers in Geetansh and the Rentomojo team and are very impressed with how they built the company over the last couple of years.”
Founded in 2014 by Bamania, Achal Mittal, Ajay Nain and Gautam Adukia, RentoMojo leases out consumer appliances, furniture and other furnishing products through its app and website.
The Bengaluru-based startup claims to be operational across 16 cities and have served nearly 4.5 Lakh customers since its inception. It also claims to have been profitable for the last 10 quarters.
Overall, the startup has raised total funding of over $70 Mn till date and counts the likes of Bain Capital, Accel, and IDG Capital among its investors. It last raised an undisclosed amount of debt funding in November 2021.
Rentomojo competes with the likes of Fabrento, Rentickle, Furlenco, and Cityfurnish.
As per a report by Mordor Intelligence, the Indian furniture market is estimated to reach a size of $29.86 Bn by 2029.
