13 July 2016, India:
RentoMojo has raised $5 million from existing investors including Accel Partners and IDG Ventures India according to TechCircle.
Bangalore-based Rentomojo is a unique company which offers a variety of services and goods be it in Furniture like Dining tables, Coffee tables, Beds or Electronic appliances like Washing machine, Refrigerator, Microwave oven, TVs and much more on Rental.
The new funding round comes after the startup last year raised $2 million in pre-Series A funding from Accel Partners and IDG Ventures.
Rentomojo was founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain. The startup allows users to rent furniture, home furnishings and appliances for at least three months. It operates in Bengaluru, Mumbai, Delhi NCR and Pune. The startup employs 50 staffers.
Accel Partners is a venture and growth equity firm. Accel funds companies from inception through the growth stage. The company manages over $17.8 billion from offices in Palo Alto, California, New York City, London, India and China. team companies include Flipkart, Facebook, Drop box.
IDG Ventures is a global family of venture funds with approximately $3.6 billion under management, over 200 investers companies and 10 offices across Asia and North America. team companies include Flipkart, Myntra, Lenskart and Yatra.com
Customers need to submit identification and address proof, besides a security deposit. The startup keeps 40-50% of the rental fee as commission on every booking, with the remainder going to the vendor. It claims to be growing at 30% on a month-on-month basis.
Rentomojo has 4,500 subscribers on its platform and is targeting 1-1.5 lakh subscribers in the next 18 months.