The Bangalore-based startup provides easy and affordable rentals across home verticals and transport
Venkatesh Peddi from IDG Ventures India and Prashanth Prakash from Accel Partners join the board of Directors of RentoMojo.
The Bangalore-based startup plans to use the money raised in its pre-Series A funding for its expansion across the country.
The startup was founded in November last year by Geetansh Bamania and Ajay Nain. RentoMojo recently ventured into the transportation segment by launching motorcycles and bike rentals.
RentoMojo currently operates in Mumbai, Bengaluru, Delhi and Pune and has a team of about 50 people.
The company had raised seed capital from London-based investors last year.
The startup claims to have 2,000 active subscribers on the platform and aims to reach 6,000 by March. “We are growing at 40-45 per cent month-on-month,” said Bamania.
RentoMojo operates on an asset-light model, as they do not own any of the items available for rent. It has tied up with a few suppliers who want to earn rental income.
“With urbanisation, increasing incomes and declining savings among the working professionals, we are witnessing the birth of Access Economy with the advent of Airbnb, Uber, Renttherunway and the likes. We want our users to get an access to a personalised lifestyle without actually owning it. We work as a marketplace and keep this business asset-light” Bamania said.
The company lets users rent furniture and home furnishings for a minimum period of three months.
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