Total amount raised
$98.4 Millions
Latest funding date
Location
RentoMojo has successfully raised significant capital through multiple funding rounds, with its latest being a Series D round. The platform offers a unique rental service for furniture, appliances, and electronics, catering to the dynamic needs of urban dwellers.
Keep reading to delve into the details of RentoMojo's funding journey and discover the key investors supporting this innovative rental platform.
What Is RentoMojo?
RentoMojo, founded in December 2014, is an online rental platform based in Bangalore, Karnataka, India. The company was established by Achal Mittal, Ajay Nain, and Geetansh Bamania.
RentoMojo offers a variety of rental services for furniture, appliances, and electronics, catering to the needs of urban dwellers. Their services include free relocation, free maintenance, and easy cancellation options.
With a workforce of 501-1000 employees, RentoMojo continues to grow, providing flexible rental solutions across multiple cities in India.
How Much Funding Has RentoMojo Raised?
- Series D
- Amount Raised: ₹2.1B (approximately $25 million)
- Date: February 2024
- Lead Investors: Edelweiss Financial Services
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand business and enter new markets.
- Venture Round
- Amount Raised: ₹150M (approximately $2 million)
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion.
- Debt Financing
- Amount Raised: ₹1.3B (approximately $17 million)
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support operations.
- Series C
- Amount Raised: ₹100M (approximately $1.3 million)
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and product development.
- Series C
- Amount Raised: ₹224.3M (approximately $3 million)
- Date: June 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve services.
- Series C
- Amount Raised: ₹244.8M (approximately $3.3 million)
- Date: May 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance customer experience.
- Secondary Market
- Amount Raised: $320K
- Date: September 2019
- Lead Investors: Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors.
- Series C
- Amount Raised: ₹277M (approximately $3.7 million)
- Date: August 2019
- Lead Investors: Samsung Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and market presence.
- Series C
- Amount Raised: $11.6M
- Date: July 2019
- Lead Investors: Renaud Laplanche
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and innovation.
- Debt Financing
- Amount Raised: ₹150M (approximately $2 million)
- Date: June 2019
- Lead Investors: Mahavir Dwellers
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To strengthen financial position and support expansion.
RentoMojo has raised a total of $59.6 million in funding. The current valuation is not publicly disclosed.
Key Investors
- Edelweiss Financial Services
- Details: Edelweiss Financial Services is a diversified financial services company based in India. It offers a wide range of financial products and services, including investment banking, asset management, and insurance.
- Investment Focus Areas: Financial services, asset management, insurance, wealth management.
- Notable Investments: Not publicly disclosed.
- Chiratae Ventures
- Details: Chiratae Ventures, formerly known as IDG Ventures India, is a venture capital firm that invests in early to growth-stage companies. It has a strong focus on technology-driven businesses.
- Investment Focus Areas: Technology, healthcare, consumer media, financial services.
- Notable Investments: Myntra, Lenskart, PolicyBazaar.
- Magnetic
- Details: Magnetic is an investment firm led by Rajeev Chitrabhanu. The firm focuses on strategic investments in high-growth potential companies.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Venture Catalysts
- Details: Venture Catalysts is an integrated incubator that provides funding, mentorship, and networking opportunities to startups. It is known for its extensive network of investors and industry experts.
- Investment Focus Areas: Technology, healthcare, consumer products, fintech.
- Notable Investments: Beardo, Fynd, Supr Daily.
- Samsung Ventures
- Details: Samsung Ventures is the venture capital arm of Samsung Group. It focuses on investing in innovative companies that align with Samsung's strategic interests.
- Investment Focus Areas: Technology, semiconductors, software, healthcare.
- Notable Investments: Not publicly disclosed.
What's Next for RentoMojo?
RentoMojo stands at the cusp of significant growth opportunities. With the recent $25 million funding round led by Edelweiss, the company is poised to expand its market presence and enhance its product offerings in the furniture and appliance rental sector. Serving nearly 450,000 customers across 16 cities, RentoMojo aims to broaden its geographical footprint and strengthen its relationships with lenders to meet increasing customer demands.
Future fundraising opportunities appear promising, given the company's profitability over the last 10 quarters. The substantial financial backing suggests potential for further investments to support technological advancements and customer experience enhancements. However, RentoMojo faces challenges such as intense competition from established players like Furlenco and Pepperfry, and the complexities of scaling operations while maintaining profitability. Navigating these hurdles will be crucial for sustained growth and market leadership.
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