RentoMojo raises $ 10 million from Bain Capital and Others

In a Series B funding round, furniture and consumer durables rental startup RentoMojo has raised $ 10 million from private equity investor Bain Capital Ventures and fintech entrepreneur Renaud Laplanche. Existing investors Accel Partners and IDG Ventures increased their share in the firm and contributed 20% – 30% of the fund.

IIT graduates Geetansh Bamania, Ajay Nain, Prashant Chanchal and K.J. Venky founded the firm in 2014. Presently, RentoMojo operates in eight cities including Delhi, Pune and Mumbai. The Bengaluru based platform has already handed out Rs. 40 – Rs. 50 crores worth of products on rent and leases about 16,000-20,000 items every month. They currently have over 25,000 active customers.

These fresh funds will be used to further strengthen the product, build a leadership team and expand into new categories and geographies. Including this round, the company has raised a total of $ 17 million in funds. The managing director of Bain Capital Ventures, Salil Deshpande and Renaud Laplanche will join RentoMojo’s board of directors.

Speaking about the startup Salil Deshpande said RentoMojo has built a defensible beachhead in multiple categories in an underserved sector and they were also impressed by RentoMojo’s team. Geetansh Bamania speaking about the investment said Bain coming in at this stage was a big confidence booster that will allow people to see them as a fintech consumer lending firm and not an ecommerce startup. The executive director of IDG Ventures, Venkatesh Paddi said RentoMojo has demonstrated impeccable execution so far and are happy to be a part of the company’s journey.  

The consumer durables lending firm uses an asset light model where external capital is raised from banks and financial institutions to buy products, which are then leased out to customers for a minimum of three months to up to two years. RentoMojo are also looking to start three year rent programs and introduce newer categories in the coming months.