Rentomojo Funding Round of $25 Million Led by Edelweiss

 

Rentomojo, a leading furnishing rental brand offering furniture, appliances, and fitness equipment on a monthly rental basis, has successfully raised an investment of Rs 210 crore (approximately $25 million) in its ongoing Series D and D1 funding round. Edelweiss Discovery Fund Series spearhead the funding – I, with contributions from existing investors Chiratae Growth Fund and Magnetic, founded by Rajeev Chitrabhanu.

 

Previously, the company raised Rs 145 crore during its Series C round in November 2021.

 

Geetansh Bamania, the founder and CEO of Rentomojo, expressed that this fresh injection of funds from investors marks a significant milestone for the company, enabling it to dominate the furniture and appliances rental segment in India further.

 

Headquartered in Bengaluru, Rentomojo operates across 16 cities and has served nearly 450,000 customers since its inception. The company has cultivated strong partnerships with significant lenders nationwide to meet the growing demands of its customer base. Alongside its online presence, Rentomojo has established offline experience centres across critical areas in Bengaluru.

 

Rentomojo boasts profitability for the past ten quarters, achieving a revenue of Rs 121 crore in FY23, compared to Rs 98.6 crore in FY22. The company reported a profit of Rs 6.19 crore during this period, marking a significant turnaround from the Rs 13.5 crore loss in the previous fiscal year.

 

In the competitive landscape, Rentomojo faces rivals such as Furlenco, Rentickle, Cityfurnish, and Pepperfry. In a notable development, Sleepwell-parent company Sheela Foam acquired a 35% stake in Furlenco in July last year, valuing the Bengaluru-based firm at approximately Rs 857 crore (over $100 million). Additionally, Pepperfry secured a $23 million funding round in September last year and announced a new CEO following the passing of its longtime CEO, Ambareesh Murthy.