Rentomojo, a Bengaluru-based startup renowned for its furniture and appliance rental services, has secured Rs 210 crore ($25 million) in a Series D funding round. The financing was led by Edelweiss Discovery Fund Series–I, with contributions from existing investors Chiratae Growth Fund and Magnetic. This funding round stands as the company’s largest to date, following a hiatus of over two years since its last financial injection.
The company intends to utilize the raised capital to fuel its expansion efforts, which include extending its geographical reach and enhancing its product offerings in the appliances and furniture rental sector.
Established in 2014, Rentomojo provides a wide range of furniture, appliances, electronics, and fitness equipment for rent. Currently serving approximately 450,000 customers across 16 cities, the company aims to leverage this investment to solidify its position and lead in India’s growing rental market.
Rentomojo, founded by Geetansh Bamania, asserts that it has maintained a positive balance sheet for the last 10 quarters since October 2021. For FY23, the company reported revenue of Rs 121 crore with a profit of Rs 6.2 crore, a notable improvement from a Rs 13.5 crore loss in the previous fiscal year.
In the furniture rental space, Rentomojo faces competition from notable players such as Furlenco, Rentickle, and Cityfurnish.
Geetansh Bamania, Founder & CEO of Rentomojo, remarked, “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, commented, “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 profitably grow and lead this segment.”
