Indian furniture rental marketplace Rentomojo raises $25m led by Edelweiss

Indian furniture rental marketplace Rentomojo raises $25m led by Edelweiss

Visual from RentoMojo website

India-based furniture rental marketplace Rentomojo has raised around $25 million in its ongoing Series D and Series D1 funding round led by Edelweiss, according to a statement on Wednesday.

Edelweiss led the funding round through the Edelweiss Discovery Fund Series-I, while existing investor Chiratae Growth Fund participated in the financing along with advisory investment platform Magnetic.

“We are excited to partner with [founder and CEO] Geetansh and the Rentomojo team. 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.

Bengaluru-based Rentomojo operates in 16 cities in India. It has served close to 450,000 customers since its inception in 2014.

The company offers furniture, electronics and bikes on lease, providing customers with a viable alternative to traditional EMIs by offering rental options across various product categories.

The company had raised about $3.3 million from Accel, Chiratae Ventures, Bain Capital, and French entrepreneur Renaud Laplanche in 2020.

RentoMojo raised about Rs 27.7 crore as part of its Series C funding led by Samsung Venture Investments Corporation (SVIC) in 2019, with the participation of Mitsui Sumitomo Insurance Venture Capital (MSIVC).

Edited by: Pramod Mathew

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