Consumer leasing platform RentoMojo raises Rs 77 crore as the first tranche of its series C round
RentoMojo has raised Rs 77 crore as the first tranche in its series C round.
Accel Partners and Chiratae Ventures co-led the funding round.
RentoMojo has generated total revenue of Rs. 15 crores.
Electronics, furniture, and appliance-centric consumer leasing platform RentoMojo have raised Rs 77 crore as the first tranche in its series C round co-led by Accel Partners and Chiratae Ventures. This round also attracted existing investor Bain Capital in the funding round and GMO VP worked as a new investor in this round.
According to Registrar of Company filings with MCA, Accel India has picked up 3,000 Series C CCPS shares worth Rs 27.84 crore while Chiratae has acquired 2,424 shares for Rs 22.5 crore via IDG fund I and II. Its trust fund will also pick up 576 shares by investing Rs 5.34 crore.
In the funding round, Chiratae will invest the same amount as Accel – Rs 27.84 crore and Bain Capital will invest Rs 12.56 crore for 1,353 shares. Japanese venture capitalist GMO VP is collectively investing Rs 6.96 crore to acquire 740 series C CCPS shares as well as 10 equity shares. Former Lending Club CEO Renaud Laplanche who also was a part of RentoMojo’s Series B round set to invest about Rs 1.16 crore in this round.
RentoMojo initiated its business as furniture renting platform but soon it diversified its business portfolio and converted it into a fintech company which provides consumers with a viable alternative to traditional EMIs by offering rental options across various product categories. For the fiscal year 2017, the company posted a loss of Rs. 22.4 crore on total income of Rs. 15 crores. The firm gives tough competition to startups such as furniture renting firm Furlenco.
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