Furniture Rental Start-up Rentomojo Eyes 20x Growth
Furniture rental start up Rentomojo is now eyeing a 20x growth in the next two to three years, owing to the boost in its revenues. Geetansh Bamania, Founder and CEO of Rentomojo, said that the startup clocked in Rs 100 crore revenue in FY21 and turned profitable in October 2021. The startup raised Rs 145 crore in a mix of debt and equity this November. The debt round accounted for Rs 130 crore and Rs 15 crore were brought in by existing investors such as Accel and Bain Capital. Founded in 2014 by Geetansh and Ajay Nain, Rentomojo runs under Edunetwork Pvt Ltd. Its core categories include living room furniture, beds, television, washing machines, among others. The ‘Work From Home’ category saw a surge in demand for a while when its contribution grew from 9 percent to 25 percent. According to Geetansh, this category is back to around 12-13 percent and he expects it to stay at this level. He is planning to expand its presence in Mysuru, Jaipur, Faridabad, Ghaziabad, Gandhinagar, Chandigarh, and Kolkata. The startup has already launched in Ahmedabad and according to Geetansh, has already become profitable in six months.
Tags : ALLIED StartUp Investors furniture Work from home revenue rental Bain Capital Profitable Accel Rentomojo Edunetwork