Rentomojo is one of the early startups in the online furniture and appliances rental space and while the segment has not seen any larger round in recent times, the Bengaluru-based firm has been able to raise capital in small tranches at regular intervals.
In its six years of operations, Rentomojo has scooped up over $32 million in funding, including a $15 million Series C round that kicked off in May last year.
The firm is now set to raise fresh capital to the tune of Rs 24.5 crore from a clutch of existing investors including Accel, Chiratae Ventures, Bain Capital and Renaud Laplanche.
Most importantly, Rentomojo has achieved a valuation of $100 million after the latest capital infusion. According to regulatory filings, Rentomojo will allot 2407 Series C CCPS at Rs 101,730.8 per share to raise Rs 24.5 crore from the aforementioned investors.
Following the capital deployment, Accel has emerged as the largest stakeholder in Rentomojo, holding 26.08% stake in the company. Chiratae will hold around 25.12% through Pandara Trust, IDG Ventures India Fund and Chiratae Trust while Boston based Bain Capital will have around 8.9% stake.
Co-founders Geetansh Bamania and Ajay Nain will control 13.9% and 2.87% stake respectively in the company while early backers Rajeev Chitrabhanu & Gaurav Bamania will retain 3.65% each.
For the past couple of years, the company has been working to improve its inventory and adding new products to its catalogue. As per recent data, Rentomojo was clocking over one lakh orders in the pre-COVID-19 period. The firm was aiming to make a 10X surge in the numbers in the next 2.5 years.
In the fiscal year ending March 31, 2019, Rentomojo achieved a 3 fold growth in its revenue from operations to Rs 107 crore. During the period, the total expenditure also ballooned by 2.3X to Rs 164.4 crore.
Apart from furniture and electronic appliances, Rentomojo also offers bikes on lease in Mumbai, Delhi NCR, Pune, and Bengaluru.