Rentomojo, a Bengaluru-based startup renowned for its furniture and appliance rental services, has secured a significant boost with a Rs 210 crore ($25 million) infusion in its Series D funding round. The investment drive was spearheaded by Edelweiss Discovery Fund Series–I, with additional contributions from existing backers, including Chiratae Growth Fund and Magnetic. This round stands as the company’s largest funding endeavor to date, marking a significant milestone following a hiatus of over two years since its previous financial injection.
Rentomojo has outlined ambitious expansion plans for the raised capital, with a focus on widening its geographical footprint and enriching its product portfolio within the appliances and furniture rental domain. Operating since its inception in 2014, Rentomojo offers a diverse range of rental options spanning furniture, appliances, electronics, and fitness equipment. Presently catering to approximately 450,000 customers across 16 cities, the company aims to leverage this investment to fortify its market presence and spearhead innovation in India’s burgeoning rental landscape.
Founded by Geetansh Bamania, Rentomojo takes pride in its consistent financial performance, boasting a positive balance sheet for the past 10 quarters since October 2021. In FY23, the company reported robust revenue figures of Rs 121 crore, accompanied by a noteworthy profit of Rs 6.2 crore, a significant turnaround from the Rs 13.5 crore loss recorded in the preceding fiscal year. While the furniture rental sector is not overcrowded, it does feature notable contenders such as Furlenco, Rentickle, and Cityfurnish.
Geetansh Bamania, Founder & CEO of Rentomojo, expressed enthusiasm about the company’s trajectory, stating, “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.” Ashish Agarwal, Managing Partner of Edelweiss Discovery Fund, echoed the sentiment, highlighting the potential of Rentomojo’s offerings in providing a smart home-furnishing alternative for working professionals seeking flexibility in their housing arrangements. Agarwal expressed confidence in Rentomojo’s leadership team to sustain profitable growth and maintain its leadership position within this segment.