RentoMojo a Bangalore based online home appliances and furniture rental startup raised $5 million Series A funding from Accel Partners and IDG Ventures.
The funds will be used for strengthening of the data driven structure and product within the company.
It was founded in November 2014 by Geentansh Bamania and Ajay Nain, both IIT Madras graduates. It is anchored on fintech and asset-light model making it a scalable business venture in the startup ecosystem. It provides its users the benifits of personalized lifestyle without owning it.
Geentansh Bamania co-founder of RentoMojo said
“We want our users to indulge in the benefits of curated, personalised lifestyle without actually owning it. Apart from the cities we are operating in currently, we plan to expand to two more cities in the coming quarter. We are growing at a pace of 30 per cent month-over-month and we hope to continue on this growth trajectory.”
Since its inception it has expanded to 4 cities which include Mumbai, Bangalore, Delhi and Pune. It provides online rental services for products including appliances, furniture and trekking equipments for bikes.
In November 2015, RentoMojo raised $1.96 million from Accel partners India and IDG Ventures India.
Prashanth Prakash, Accel Partners said,
“By combining a wide selection of home-essentials along with a unique business model RentoMojo, is successfully transforming the lives of today’s millennials. The rental commerce market is growing in India and it is great to see this innovative startup at the forefront of this booming category.”