Furniture, electronics, and appliance-centric consumer leasing platform RentoMojo is securing Rs 77 crore as the first tranche in its series C round co-led by Chiratae Ventures and Accel Partners.
Existing institutional investor Bain Capital also participated in the round. GMO VP is the new investor joining in this round.
Accel India is picking up 3,000 Series C CCPS shares worth Rs 27.84 crore while Chiratae will be acquiring 2,424 shares for Rs 22.5 crore via IDG fund I and II. It’s trust fund will pick up 576 shares by investing Rs 5.34 crore, as per RoC filings with MCA.
In all, Chiratae will invest the same amount as Accel – Rs 27.84 crore.
Bain Capital will invest Rs 12.56 crore for 1,353 shares. Japanese venture capitalist GMO VP is collectively investing Rs 6.96 crore to acquire 740 series C CCPS shares as well as 10 equity shares.
Former Lending Club CEO Renaud Laplanche who also was a part of RentoMojo’s Series B round set to invest about Rs 1.16 crore in this round.
RentoMojo is likely to deploy funds towards accelerating growth, expand to more cities and go deeper in its existing offerings. The Series C round for the Bengaluru-based firm has come after almost 2 years of its Series B financing round.
The firm scored has $10 million worth series B round led by Bain Capital in July 2017.
Three months ago, Mint reported that the company was in talks for $40 million fresh round. It seems Series C round has just started for RentoMojo and it would raise more capital in future tranches.
RentoMojo is a marketplace for renting furniture & home furnishings, appliances, electronics, and mobile phones. It also does the relocation, maintenance, and product swap facilities without any cost on the rented products.
RentoMojo competes with the likes of Furlenco. Backed by Lightbox VC Furlenco is reportedly looking to raise about $50 million Series D round. With Series C round, the Geetansh Bamania-led company is in a better position to counter competition.