Online rental marketplace start-up, Rentomojo which provides furniture, appliances, and fitness categories on a monthly rental basis, has secured an investment of Rs 210 crore in its ongoing Series D and D1 rounds.
The round was led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund, as well as Magnetic, founded by Rajeev Chitrabhanu.
Rentomojo, headquartered in Bangalore, operates in 16 cities and has served close to 450,000 customers since its inception.
The company said that it has built a deep relationship with most of the prominent lenders across the country. Rentomojo has established offline experience centers across all major pin codes of Bangalore.
Geetansh Bamania, founder and CEO of Rentomojo, attributes the 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. This latest round of funding from investors serves as a launchpad, propelling the company to continue to lead the creation of the appliances and furniture rental category in India.
"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, the lead investor in the Series D round.
The company reported, a profit of Rs 6. crore in the financial year that ended March 2023, up from a loss of Rs 13 crore in the year-ago period, YourStory had reported.
Established in 2014, Rentomojo provides customers with a platform for rental furniture, appliances, and electronics. It has seen 5X growth in demand in FY23.
The brand was also in the news for a cyber data breach through which the hackers gained unauthorised access to its customer database.
