[Funding Alert] Rentomojo raises Rs 145 cr in fresh capital, turns profitable in Oct 2021

Furniture rental firm Rentomojo said it has raised Rs 145 crore as individuals begin returning to urban communities and workplaces open up. 

The new raise money is a blend of obligation and value. While Rs 130 crore is obligation, the excess Rs 15 crore is value raised from existing financial backers including Accel and Bain Capital, Geetansh Bamania, Founder, Rentomojo, told YourStory in a cooperation. The author didn't unveil the name of the firm they raised obligation from. 

Accel, which was an early benefactor of Flipkart, drove the furniture renting stage's Series C round, in 2019, while Bain Capital Ventures drove the Series B round in 2017, as indicated by Crunchbase. 

"During the subsequent lockdown, when individuals began returning to the places where they grew up, that affected us somewhat. However, presently those individuals who returned are returning and requesting. So there are gigantic number of requests," Geetansh said. 

The IIT-Madras graduate, who additionally headed private names for furniture commercial center PepperFry, claims Rentomojo at present has north of 125,000 endorsers. 

Run under Edunetwork Pvt. Ltd., the stage was established in 2014 by Geetansh and Ajay Nain, a previous expert, who left the firm in 2018 to chip away at his own startup. The stage began leasing furniture in center classification including beds, TV and clothes washer, among others. During the pandemic the work-from-home (WFH) range grew 25% from 9% in pre-pandemic levels. 

However, presently interest for center furniture is rising while WFH range has boiled down to 12-13 percent. 

Geetansh concurs that the lockdown was extreme. Be that as it may, the firm has had the option to clock an income of over Rs 100 crore for FY21, and furthermore turned beneficial in October 2021. 

"We are presently anticipating that our revenue should develop by 25-35 percent before the current year's over," says Geetansh. 

The firm is likewise extending in Ahmedabad, Mysore, Jaipur, Faridabad, Ghaziabad, Gandhinagar Chandigarh and Kolkata. 

Rentomojo at present contends with Kieraya Furnishing Solutions Pvt. Ltd.- run Furlenco. The Bengaluru-based firm is likewise raised an obligation round of Rs 1.1 billion, in August 2021, from Trade Cred, a Mumbai-based credit firm.

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