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HomeStart UpFurniture rental startup Rentomojo bags $25mn in funding

Furniture rental startup Rentomojo bags $25mn in funding

Furnishing rental startup Rentomojo has raised Rs 210 crore ($25 million) in a late-stage funding round led by Edelweiss Discovery. 

The round also saw participation from existing investors Chiratae Growth Fund and Magnetic, according to a statement from the company on Wednesday.

Rentomojo has raised the capital, earmarked for expanding its appliances and furniture rental category, after more than two years since its last funding round.

Founded in 2014 by Geetansh Bamania and Ajay Nain, the Bengaluru-based startup operates in 16 cities, serving nearly 450,000 customers. 

Despite having offline experience centers only in Bengaluru, Rentomojo follows an online-first approach and has been profitable for the last 10 quarters, according to the statement.

“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,” said Ashish Agarwal, managing partner of Edelweiss Discovery Fund.

Geetansh Bamania, the CEO of Rentomojo, stated that the recent funding round acts as a launchpad for the company to further develop the appliances and furniture rental category in India.

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