The company raised money for improving their rental services for various types of appliances and furniture.
Rentomojo is a startup that rents out various types of furniture and appliances to people, has secured Rs 210 crore ($25 million) in funding, Which is Followed by Edelweiss Discovery. Previous investors Chiratae Growth Fund and Magnetic also joined in that round. Rentomojo didn't disclosed their valuation.
Rentomojo, their headquarter is in Bengaluru, which was founded by Geetansh Bamania and Ajay Nain, Back in 2014. Ajay Nain exited the company in back in 2018. It is Operating in 16 cities, it has already served close to 450,000 customers to date.
It is primarily online, The Company has offline experience centers only in Bengaluru. Which has been profitable from October 2021.
Ashish Agarwal, Who is the Managing Partner of Edelweiss Discovery Fund, declared, "The company provides a smart home-furnishing alternative for working professionals seeking flexible housing options. This category has significant growth potential, and Rentomojo's leadership team is well-equipped to lead."
In the sector of furniture rental , There are less players, who had secured venture capital funding. Additionally, the players in this asset-heavy business have often raised debt funding rounds for their growth.
The company has raised funds, which they are planning to use it for expanding their offerings in the appliances and furniture rental sector part. This is more than two years since its last funding round.