In its current Series D and D1 round, Rentomojo, a furnishing rental brand that offers fitness categories, furniture, and appliances for monthly rental, has raised Rs 210 crore, or roughly $25 million. Leading the round is Rajeev Chitrabhanu’s Magnetic, along with current investor Chiratae Growth Fund. The round is led by Edelweiss Discovery Fund Series – I.
In November 2021, the company completed a Series C round that saw it raise Rs 145 crore.
According to the company’s founder and CEO, Geetansh Bamania, this most recent round of investment from investors acts as a springboard, enabling the business to keep leading the development of the appliances and furniture rental category in India.
Rentomojo, which has its headquarters in Bengaluru, serves nearly 450,000 clients since its founding and has operations in 16 cities. Additionally, in order to meet the growing needs of its clientele, the business has developed ties with the majority of well-known lenders in the nation. Rentomojo has offline experience centers spread throughout all of Bengaluru’s major pin codes in addition to its emphasis on an online channel.
For the previous ten quarters, Rentomojo asserts that it has been profitable. Reports state that Rentomojo’s revenue increased to Rs 121 crore in FY23 from Rs 98.6 crore in FY22. The company made a profit of Rs 6.19 crore during that time, compared to a loss of Rs 13.5 crore in the prior fiscal year.
Furlenco, Rentickle, Cityfurnish, and, to a lesser extent, Pepperfry are its competitors. Sheela Foam, the parent of Sleepwell, signed a deal in July of last year to purchase a 35% share in Furlenco. With this deal, the Bengaluru-based company is valued at approximately Rs 857 crore, or more than $100 million. Along with raising $23 million in September of last year, Pepperfry also announced the appointment of a new CEO in the wake of the passing of Ambareesh Murthy, the company’s longtime CEO.
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