Rentomojo's Rise: A $25 Million Boost
February 22, 2024, 7:34 am
Location: India, Karnataka, Bengaluru
Employees: 501-1000
Founded date: 2014
Total raised: $77.86M
Rentomojo, a furnishing rental brand offering furniture, appliances, and fitness items on a monthly rental basis, has secured a hefty investment of $25 million in its ongoing Series D and D1 round. Edelweiss Discovery Fund Series – I spearheaded this funding round, with Chiratae Growth Fund and Magnetic also joining in.
Headquartered in Bengaluru, Rentomojo has made its mark in 16 cities, serving nearly 450,000 customers. The company's founder and CEO, Geetansh Bamania, sees this latest funding as a stepping stone to further dominate the appliances and furniture rental sector in India.
Rentomojo's profitability streak over the last 10 quarters is impressive. With a revenue jump from Rs 98.6 crore in FY22 to Rs 121 crore in FY23, the company turned a profit of Rs 6.19 crore, a significant turnaround from the previous fiscal year's loss of Rs 13.5 crore.
Competing with players like Furlenco, Rentickle, Cityfurnish, and Pepperfry, Rentomojo stands out with its profitable track record and strategic expansion plans. The company's online presence is complemented by offline experience centers in key areas of Bengaluru.
The furniture rental space is heating up, with Sheela Foam's acquisition of a stake in Furlenco and Pepperfry's recent funding round. Rentomojo's latest funding round positions it well to capitalize on the growing demand for rental solutions in the market.
With a focus on smart home-furnishing solutions for professionals seeking flexibility in housing options, Rentomojo is poised for continued success. The funding infusion will fuel the company's growth trajectory and solidify its position as a leader in the rental market.
Headquartered in Bengaluru, Rentomojo has made its mark in 16 cities, serving nearly 450,000 customers. The company's founder and CEO, Geetansh Bamania, sees this latest funding as a stepping stone to further dominate the appliances and furniture rental sector in India.
Rentomojo's profitability streak over the last 10 quarters is impressive. With a revenue jump from Rs 98.6 crore in FY22 to Rs 121 crore in FY23, the company turned a profit of Rs 6.19 crore, a significant turnaround from the previous fiscal year's loss of Rs 13.5 crore.
Competing with players like Furlenco, Rentickle, Cityfurnish, and Pepperfry, Rentomojo stands out with its profitable track record and strategic expansion plans. The company's online presence is complemented by offline experience centers in key areas of Bengaluru.
The furniture rental space is heating up, with Sheela Foam's acquisition of a stake in Furlenco and Pepperfry's recent funding round. Rentomojo's latest funding round positions it well to capitalize on the growing demand for rental solutions in the market.
With a focus on smart home-furnishing solutions for professionals seeking flexibility in housing options, Rentomojo is poised for continued success. The funding infusion will fuel the company's growth trajectory and solidify its position as a leader in the rental market.