Rentomojo, a leading furnishing rental brand offering furniture, appliances, and fitness equipment on a monthly rental basis, has successfully raised INR 210 Cr. in its ongoing Series D & D1 round. The investment is led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund, and Magnetic, founded by Rajeev Chitrabhanu.
Headquartered in Bangalore, Rentomojo operates in 16 cities and has catered to nearly 450,000 customers since its inception. The company has established strong relationships with prominent lenders across the country to ensure adequate financial resources to meet customer demands. Alongside its online channel, Rentomojo has set up offline experience centers across major pin codes in Bangalore. With profitability for the last 10 quarters, the company remains focused on growth with profitability in mind.
Geetansh Bamania, Founder & CEO of Rentomojo, attributes the company’s success to a combination of factors including a strong team, cost management practices, governance standards, a technology-driven approach, and an unwavering commitment to enhancing the customer experience. The latest funding round is expected to propel Rentomojo’s leadership in the appliances and furniture rental category in India.
“We are thrilled to partner with Geetansh and the Rentomojo team. The company offers a smart home-furnishing alternative to working professionals seeking flexibility in their housing options. This category has immense growth potential, and Rentomojo’s leadership team is poised to lead and profitably grow in this segment,” said Ashish Agarwal, Managing Partner of Edelweiss Discovery Fund, the lead investor in the Series D round.
“We have strong faith in Geetansh and the Rentomojo team, and we are impressed by how they have built the company over the last few years. We are committed to Rentomojo’s journey and eagerly anticipate its continued success,” added Venkatesh Peddi, Managing Director & Partner at Chiratae Ventures.
The investment in Rentomojo highlights the confidence of investors in the company’s growth trajectory and its ability to innovate and lead in the rental space.
