Online rental marketplace RentoMojo raises $3.8 mn Series C from Samsung, Mitsui
Bengaluru-based Edunetwork, which runs online rental marketplace RentoMojo, has raised $3.8 million from Samsung’s venture capital arm Samsung Venture Investments Corporation and Mitsui Sumitomo Insurance Venture Capital, the private equity and venture capital unit of Mitsui Sumitomo.
The startup has offered 2,980 shares to investors as part of the Series C funding round, according to the company’s filings with the ministry of corporate affairs.
In May 2019, RentoMojo had raised $10.7 million in the first tranche of its Series C round.
The funding round was led by venture capital firms Chiratae Ventures and Accel with both investing $3.8 million each.
In the same month, RentoMojo raised Rs 6 crore debt from Infosys co-founder Kris Gopalakrishnan.
Before this, the company had raised $10 million in a Series B round in 2017. In 2016, it had raised $2 million in a pre-Series A round from Accel and Chiratae Ventures (then IDG Ventures India).
RentoMojo was founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain.
The company allows users to rent furniture, home furnishings and appliances, and bikes. It offers services in Pune, Mumbai, Bengaluru, Delhi, Noida, Gurugram, Chennai and Hyderabad.
In April 2018, it also partnered with Zefo, an online marketplace for pre-owned furniture and appliances, to provide their customers with an option of rental monthly instalments.
RentoMojo competes with the likes of Furlenco, RentOnGo and GrabOnRent.