Online rental marketplace RentoMojo secures first tranche of Series C round
Bengaluru-based Edunetwork Pvt. Ltd, which runs online rental marketplace for furniture, electronics and appliances RentoMojo, has raised Rs 77 crore in the first tranche of its ongoing Series C round.
The funding round was led by venture capital firms Chiratae Ventures and Accel, according to the company’s fillings to the Ministry of Corporate Affairs. Accel and Chiratae invested Rs 27.84 crore each.
Existing investor Bain Capital Ventures invested Rs 12.56 crore while Japanese venture capital firm GMO VP made an investment of Rs 6.96 crore.
RentoMojo had last raised funding in 2017; it had mopped up $10 million in a Series B round. Prior to this, it had raised $2 million in a pre-Series A round from Accel and IDG Ventures—now known as Chiratae—in 2016.
According to several media reports, Rentomojo was reportedly in talks to raise $40 million in the Series C round.
RentoMojo was founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain.
Emailed queries to the company and a LinkedIn message to Bomania did not elicit any response till the time of publishing this article.
The startup allows users to rent furniture, home furnishings and appliances, and bikes for at least three months. The company has plans to introduce newer categories in the coming months.
RentoMojo offers its services in Pune, Mumbai, Bangalore, Delhi, Noida, Gurgaon, Chennai and Hyderabad and claims to have more than 25,000 subscribers on the platform. RentoMojo competes with the likes of Furlenco, RentOnGo, GrabOnRent etc.