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Business News/ Companies / Start-ups/  Edelweiss leads 210 cr funding round in furniture rental startup Rentomojo
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Edelweiss leads ₹210 cr funding round in furniture rental startup Rentomojo

The latest round of funding will help the company strengthen its balance sheet and expand its business

Geetansh Bamania, CEO and Founder of RentoMojoPremium
Geetansh Bamania, CEO and Founder of RentoMojo

Bengaluru: Furniture rental brand Rentomojo has raised 210 crore in a Series D & D1 funding round led by Edelweiss Discovery Fund Series – I.

Existing investors, including Chiratae Growth Fund and Magnetic, also participated in the round. 

The latest round of funding will help the company strengthen its balance sheet and in business expansion, said Rentomojo's chief executive officer Geetansh Bamania. 

The valuation at which Rentomojo raised the funds wasn't disclosed.

"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," Bamania added.

Outlining the company's expansion strategy, he said Rentomojo is looking at financial investments and improving operations to ensure sustainable growth as well as to take advantage of new opportunities in the rental market. 

"While specifics we may not be able to share, our commitment as a team and as a business to growth with profitability remains steadfast," Bamania said.

Rentomojo turned profitable in FY23, benefitting from a combination of factors including rigorous cost management, sound governance practices and a tech-first approach, he added.

Rentomojo posted a profit of 6.2 crore for FY23, compared to a loss of 13 crore in the year before. Revenue from operations rose 22% to 121 crore.

Bengaluru-based Rentomojo, which provides furniture, appliances, and fitness equipment on a monthly rental basis, operates in 16 cities and has served about 450,000 customers since its inception in 2014. The company also has offline experience centres in Bengaluru.

This furniture renting category has tremendous potential for growth, and Rentomojo’s leadership team is well-positioned to continue to grow and lead this segment, said Ashish Agarwal, managing partner at Edelweiss Discovery Fund.

Rentomojo also counts Accel and Bain Capital among its investors. 

Among its rivals, Cityfurnish and Furlenco are the most notable competitors that focus on renting furniture and home appliances.

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Published: 21 Feb 2024, 06:49 PM IST
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