Bengaluru-based Rentomojo raises Rs 210 crore in funding led by Edelweiss Discovery Fund, existing backers

Rentomojo, a Bengaluru-based startup known for its furniture and appliance rentals, has raised Rs 210 crore ($25 million) in a Series D funding round. 

The round was led by Edelweiss Discovery Fund Series–I, with participation from existing investors Chiratae Growth Fund and Magnetic. Notably, This marks the company's largest funding round to date, coming after a hiatus of over two years since its last financial infusion.

Focusing on expansion 

According to the company, the raised capital would be used for expansion efforts, including broadening the geographical footprint and enhancing product offerings in the appliances and furniture rental sector. 

Rentomojo, which has been operational since 2014, offers a variety of furniture, appliances, electronics, and fitness equipment for rent. Currently, The company serves around 450,000 customers across 16 cities. It aims to leverage this investment to solidify its position and lead in the burgeoning rental market in India.

Is it profitable?

Founded by Geetansh Bamania, Rentomojo claims to have maintained a positive balance sheet for the last 10 quarters since October 2021. For FY23, the company reported revenue of Rs 121 crore with a profit of Rs 6.2 crore, compared to a Rs 13.5 crore loss in the previous fiscal year.

Who are Rentomojo’s competitors?

The furniture rental space, though not crowded, features a few notable competitors such as Furlenco, Rentickle, and Cityfurnish. 

“This latest round of funding from investors serves as a launchpad, propelling the company to continue to lead the creation of the appliances and furniture rental category in India,” said Geetansh Bamania, Founder & CEO of Rentomojo.

“The company offers a smart home-furnishing alternative to working professionals who value the freedom of flexibility in their housing options. 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.

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