RentoMojo to close $40 Million fresh funding round
RentoMojo in final talks to raise $40 Million with Japanese investor GMO Venture Partners.
RentoMojo plans to use raised fund to expand its business in various cities and go deeper in its existing businesses.
The firm offers electronics, furniture and bikes facilities in Tier 1 cities of India.
RentoMojo furniture and appliance leasing startup is in the final stage of discussions with its existing as well as new investors to close $40 Million fresh funding round. RentoMojo is owned and operated by Edu network Pvt. Ltd. It offers electronics, furniture, and bikes on lease in Mumbai, Pune, Bengaluru, Hyderabad, Delhi, Noida, Gurugram and Chennai. RentoMojo is founded by Geetansh Bamania and it offers free maintenance, product swap facilities, and relocation on the leased items.
According to the person aware with the matter new investor Japanese investor GMO Venture Partners and existing investors Chiratae Ventures, Accel and Bain Capital Ventures are also expected to take part in the new round. RentoMojo is planning to use raised funds to expand its business in various cities, accelerate its growth and go deeper in its existing businesses. Company raised previous funds of $10 Million two years back in 2017 from Accel, Bain Capital, Chiratae Ventures and personal investment from Renauld Laplanche, chief executive of US-based Lending Club.
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, company posted a loss of Rs. 22.4 crore on total income of Rs. 15 crores. Firm gives tough competition to startups such as furniture renting firm Furlenco. Furlenco is backed by investors such as Lightbox Ventures, Trifecta Capital and Crescent Enterprises.
The backing firm of RentoMojo GMO Venture Partners is the startup investment arm of Japan’s GMO Internet Group and has business in online advertising, internet infrastructure, and internet financial services. The venture arm has backed more than 25 startups in Japan and over 40 globally, including three in India.
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