Bengaluru-based Edunetwork, which runs online furniture rental platform Rentomojo, has raised Rs 10 crore ($1.3 million as per current exchange rates) in a fresh tranche of the ongoing Series C round of funding from two returning investors.
While Accel has infused Rs 7.28 crore in the firm, Chiratae Ventures (formerly IDG Ventures India) added Rs 3.64 crore in the new tranche, regulatory filings showed.
Rentomojo has allotted preference shares at an issue price of Rs 1,01,730.79 per share to raise a total of Rs 10,92,58,868, as per the regulatory filings.
In June 2020, the startup raised $2.97 million as part of the Series C round from Pratithi Investment Trust, the family investment vehicle of Infosys co-founder Kris Gopalakrishnan, Shri Investments, and angel investor Gautam Dalmia.
In May 2020, it raised a $3.23 million tranche from Accel India, Chiratae Ventures, Bain Capital, BCIP Venture Associates and French-American entrepreneur Renaud Laplanche.
It raised the first tranche of Series C capital in May 2019, when Chiratae Ventures and Accel invested $10.2 million in the company. This was followed by a $3.8 million tranche in August 2019 from Samsung’s venture capital arm, and the private equity and venture capital unit of Mitsui Sumitomo.
As per filings at the Registrar of Companies, the company has raised over $21 million in Series C alone. It has received a total capital of $35 million across multiple rounds of funding.
Founded in 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain, RentoMojo competes with companies such as Furlenco, RentOnGo and GrabOn Rent. It has operations in eight cities -- Bengaluru, Mumbai, Pune, Delhi, Noida, Gurugram, Hyderabad and Chennai, with over Rs 200 crore assets under management.
As of February 23, 2021, Accel was the largest stakeholder in the company, with a 26.04% stake, while IDG Ventures held 15.09%. Rentomjo’s co-founder and CEO Geetansh Bamania came in third, with a 13.89% stake.
The startup was valued at Rs 480 crore ($66.1 million as per current exchange rates) in February 2021.