Online rental marketplace Rentomojo, operated by Edunetwork Pvt. Ltd, has raised about $3.3 million (Rs 24.5 crore) from its existing backers, including Accel, Chiratae Ventures, Bain Capital, and French entrepreneur Renaud Laplanche, per media reports.
Accel is now the largest shareholder with about 26.8 per cent stake in Rentomojo while Chiratae holds around 25.12 per cent. Meanwhile, Bain Capital holds 8.9 per cent stake in the startup.
With the latest infusion, Rentomojo has attained a valuation of $100 million, Entrackr reported.
RentoMojo raised about Rs 27.7 crore as part of its Series C funding led by Samsung Venture Investments Corporation (SVIC) in August last year, with the participation of Mitsui Sumitomo Insurance Venture Capital (MSIVC). In May, RentoMojo had reportedly received $717,000 in debt funding from Infosys Ltd co-founder Senapathy Kris Gopalakrishnan via non-convertible debentures.
Founded in 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain, RentoMojo offers furniture, electronics and bikes on lease in Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram. It provides consumers with a viable alternative to traditional EMIs by offering rental options across various product categories.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India from May 13-17, 2020.
