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Bangalore-based online home appliances and furniture rental startup, RentoMojo, has raised $5 Mn Series A funding from IDG Ventures and Accel Partners.
Rentomojo was founded in November 2014 by IIT-Madras graduates, Geetansh Bamania and Ajay Nain. Since inception it has expanded to four cities including Delhi, Mumbai, Pune and Bangalore.
Prashanth Prakash, Accel Partners said, “By combining a wide selection of home-essentials along with a unique business model RentoMojo, is successfully transforming the lives of today’s millennials. The rental commerce market is growing in India and it is great to see this innovative startup at the forefront of this booming category.”
Steady urbanisation is leading to a steep growth in customer demand in the rental segment. RentoMojo aims to create awareness about ‘renting’ and ‘access lifestyle’ as a concept. It is a product-renting business, that aims to cater the inter-city migrant population.
RentoMojo is aiming to provide its users the benefits of curated, personalised lifestyle without actually owning it. It offers online rental services for products ranging from furniture, appliances, trekking equipment to bikes.
The funds raised will be used to strengthen the product and data driven structure within the company. RentoMojo is planning to expand to two more cities in the coming quarter.
Prior to this, in November 2015, RentoMojo raised $1.96 Mn (INR 13 Cr) in funding IDG Ventures India and Accel Partners India. Other startups in this segment include CityFurnish, GrabOnRent, FlatFurnish.com, etc.
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