The Bangalore-based startup offers online rental services for everything one needs — from furniture, appliances, trekking equipment to bikes
Bangalore-based online furniture leading startup RentoMojo has secured US$5 million in Series A round of funding from IDG Ventures and Accel Partners, two leading VC funds in India, to strengthen its product and data-driven structure within the company.
Founded in 2014 by IIT alumnus Geetansh Bamania, RentoMojo is an online rental company aiming to revolutionise the way people meet their lifestyle needs. It offers online rental services for everything you need — from furniture, appliances, trekking equipment to bikes. The startup enables people to furnish their homes at minimal costs and help them reduce the commitment of spending heavily on furniture and appliances that they may not need a few months down the line.
The company operates on an asset-light and fintech model that makes it a scalable business venture in the startup ecosystem.
“The way access-economy is shaping up in our country, there is a need to generate awareness around this concept; we want our users to indulge in the benefits of curated, personalised lifestyle without actually owning it. Apart from the cities we are operating in currently, we plan to expand to two more cities in the coming quarter. We are growing at a breakneck pace of 30 per cent month-on-month growth and we hope to continue on this growth trajectory,” said Bamania.
Also Read: “Tech that can make people lazy has huge potential in India”
Since its inception in November 2014, RentoMojo has expanded to four cities, including Delhi, Mumbai, Pune and Bangalore.
“By combining a wide selection of home-essentials along with a unique business model RentoMojo, is successfully transforming the lives of today’s millennials. The rental commerce market is growing in India and it is great to see this innovative startup at the forefront of this booming category,” said Prashanth Prakash of Accel Partners.
Previously, RentoMojo has raised US$2 million in pre-Series A from the same set of investors.
Another startup operating in this space is 4-year-old Furlenco which had secured US$6 million in funding from India-focused VC fund Lightbox Ventures in March 2015.
The post RentoMojo raises US$5M to help you save some bucks on expensive furniture appeared first on e27.
from e27 http://ift.tt/29KOJgp