Bangalore: Rentomojo, a leading furnishing rental brand that provides furniture, appliances, and fitness categories on a monthly rental basis, has secured an investment of INR 210 Cr. in its ongoing Series D & D1 round. The round is led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund, as well as Magnetic, founded by Rajeev Chitrabhanu.
Rentomojo, headquartered in Bangalore, operates in 16 cities and has served close to 450,000 customers since its inception.
The company has also built deep relationships with most of the prominent lenders across the country, ensuring that the company always has the dry powder to serve the ever-increasing demands of the customer. In addition to its focus on creating an excellent online channel, Rentomojo has established offline experience centers across all major pin codes of Bangalore. With profitability for the last ten quarters backing them, the company continues to prioritize growth with profitability.
Geetansh Bamania, Founder & CEO of Rentomojo, attributes the performance to a combination of factors, including a robust team, rigorous cost management, sound governance practices, a tech-first approach, and an unwavering focus on enhancing the customer experience. 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.
“We are excited to partner with Geetansh and the Rentomojo team. The company offers a smart home-furnishing alternative to working professionals who value the freedom of flexibility in their housing options. This category has tremendous potential for growth, and Rentomojo’s leadership team is well-positioned to continue to grow profitably and lead this segment,” said Ashish Agarwal, Managing Partner of Edelweiss Discovery Fund, the lead investor in the Series D round.
“We are strong believers in Geetansh and the Rentomojo team and are very impressed with how they built the company over the last couple of years. We remain committed to the journey of Rentomojo and look forward to its continued success,” added Venkatesh Peddi, Managing Director & Partner – Chiratae Ventures.
