RentoMojo, as you know, is an online rental solution for customer’s furnishing needs. This is a startup by young guys from IIT Madras who have taken up to address the need that arises when people move into cities for career aspects. The customers who have the need to have furnishings in the house but are not willing to shell hell a lot of money on them. Well, this is the answer for you wherein you get to have the furnishings with monthly rent or lease thereby making your life easier. Here they have targeted the fast moving career oriented people who are short of time to furnish their house.
Right now, they are operating in 8 cities including Delhi, Pune, Mumbai, Hyderabad, Noida, Gurgaon and Chennai and Bengaluru with 25,000 active customers right now.
RentoMojo was started in November 2014 by Geetansh Bamania & Ajay Nain, Prashant Chanchal, and KJ Venky. They had raised $5 million in Series A funding from IDG Ventures and Accel Partners in July 2016. Now in July 2017, they have raised $ 10 million in Series B funding from Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated in Series B funding round. This startup has raised $17 million till now. The funds raised are being utilized to strengthen the product, finish building the leadership team and for further expansion into new categories and geographies. With this Series, B of funding Salil Deshpande Managing Director at Bain Capital Ventures and Renaud Leplanche, co-founder and CEO of Upgrade will be joining the RentoMojo’s Board of Directors.
Though it started with an idea of renting household items, it has slowly moved towards bikes and higher end furnishing stuff including sofa sets etc. They are pretty flexible and have taken into consideration of making the life of the consumer easy. In the short period of time, they are making good returns and directly in competition with Furlenco. With increasing fluid population in the metros and with free pick up and drop facility available for your furnishings this business is going to change the lives of people and making moving around the cities pretty much easy with just a few bags minus the furnishings.