Rentomojo ready to raise funds from its existing investors

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Rentomojo, furniture and appliance rental platform is set to raise a fresh set of investments of about Rs 24.5 Crore from its existing investors Accel, Chiratae Ventures, Bain Capital, Renaud Laplanche. The company hasn’t raised any big amount recently but has managed to get small amounts at regular intervals.

The Bangalore-based startup has been in market for last 6 years and has raised a total of $32 million in funding which also includes $15 million from Series C round last May. The company currently has crossed the $100 million mark in valuation and is said to allot 2407 Series C CCPS at Rs 101,738.8 apiece to raise 24.5 crore from the investors.

Accel, holding 26.08% stakes becomes the largest stakeholder of the company followed by Chiratae at 25.12% and Bain Capital has 8.9% stakes in Rentomojo. Geetansh Bamania and Ajay Nain, the cofounders hold 13.9% and 2.87% shares respectively. Rajeev Chitrabhanu and Gaurav Bamania as early investors retain 3.65% each.

The company has placed its focus in improving its checklist and adding more products to its listing from last couple of years. Rentomojo had been processing over 1 lakh orders in pre pandemic period and was expected to grow 10X in next 2.5 years.

In the last fiscal year, Rentomojo saw 3X growth in its revenue to Rs 107 crore but the expenditure also increased by 2.3X to Rs 164.4 crore. The company has expanded its business to renting bikes on lease in a few metro cities.

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