Edelweiss leads $25 million funding round for Rentomojo
- ByStartupStory | February 21, 2024
Rentomojo, a rental brand offering furniture, appliances, and fitness equipment on a monthly basis, has secured an investment of Rs 210 crore (approximately $25 million) in its ongoing Series D and D1 round. The funding round is led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund and Magnetic, founded by Rajeev Chitrabhanu.
“This latest round of funding serves as a launchpad, propelling us to continue leading the creation of the appliances and furniture rental category in India,” said Rentomojo’s founder and CEO Geetansh Bamania.
Based in Bengaluru, Rentomojo operates in 16 cities and has served nearly 450,000 customers since its inception. The company has also forged relationships with prominent lenders across the country to meet the increasing demands of its customers.
“In addition to our focus on the online channel, we have established offline experience centers across all major pin codes of Bengaluru,” Bamania added.
Rentomojo claims profitability for the last 10 quarters. According to startup data intelligence platform TheKredible, Rentomojo recorded a revenue of Rs 121 crore in FY23, compared to Rs 98.6 crore in FY22. During this period, the company turned profitable with a profit of Rs 6.19 crore, compared to a loss of Rs 13.5 crore in the previous fiscal year.
“We compete with Furlenco, Rentickle, Cityfurnish, and Pepperfry,” Bamania noted.
“In July last year, Sheela Foam signed an agreement to acquire a 35% stake in Furlenco, valuing the company at around Rs 857 crore,” Bamania further added.
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