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Home Startups

Rentomojo raises Rs 145 cr in fresh capital, turns profitable in Oct 2021

by Aashish Sehrawat
November 26, 2021
in Startups, Tech
Reading Time: 2 mins read
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Spinny raises $248 mn in Series E funding, turns unicorn
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Rentomojo, an online furniture and appliance rental company aimed at millennials, has raised Rs 10 crore from two early investors: Accel and Chiratae Ventures. The company is in the market to raise a new round, so the new tranche of the Series C3 round comes at a good moment.

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Rentomojo is in early-stage talks with numerous investors to raise approximately Rs 200 crore, according to Entrackr sources.

According to regulatory filings, Rentomojo passed a special resolution to offer 1,074 Series C 3 preference shares at an issue price of Rs 101730.79 per share to raise the funds. In the current tranche, Accel has put in Rs 7.28 crore, while Chiratae (previously IDG) has put in Rs 3.64 crore.

It’s worth mentioning that Rentomojo began its Series C round in mid-2019 and has funded more than Rs 100 crore in numerous tranches to far. Other institutional investors include Samsung Venture Investment and Bain Capital, in addition to Accel and Chiratae.

Following the new tranche, Accel now owns 25.68 percent of the company, while Chiratae holds 21.66 percent. Geetansh Bamania, co-founder and CEO of Rentomjo, is the company’s third-largest shareholder, with a 13.23% interest.

Samsung owns 2.76 percent of the seven-year-old company, while Bain Capital owns 8.5 percent. Employee stock options (ESOPs) currently own a 6.10 percent stake in the company.

Gaurav Bamania, an angel investor, and Ajay Nain, co-founder of Rentomojo, own 3.48 percent and 2.73 percent, respectively. Pandora Trust owns 2.67 percent of the company, while Pratithi Trust owns 1.96 percent.

Shri Investment owns 1.41 percent of the Bengaluru-based firm, while numerous other investors own a combined 6.35 percent.

The company’s valuation has climbed by 13.3 percent to Rs 850 crore in the next tranche, according to Fintrackr’s calculations. When Rentomjo raised Rs 24.5 crore in May 2020, it was valued at roughly Rs 750 crore, or $100 million.

Rentomojo, like other companies, had to halt operations during the current fiscal year owing to the pandemic. While the impact of the pandemic will be understood when the company files its FY21 financial results, the company’s operating revenue increased by 32.50 percent in FY20.

It earned Rs 143 crore in operating income in FY20, according to independent regulatory filings. From Rs 54.6 crore in FY19 to Rs 85.54 crore in FY20, the company’s losses have increased by 56.70 percent. Rentojo’s total expenditure for the fiscal year ending March 2020 was Rs 229.32 crore.

Tags: furnitureIndiaRentalstartupTiger
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