Rentomojo Pockets Funding From ValueQuest Scale Fund
SUMMARY
The latest investment by ValueQuest includes a mix of primary investment and secondary purchase for a minority stake in Rentomojo
This comes months after Rentomojo raised INR 210 Cr ($25 Mn) in its Series D and D1 round led by Edelweiss Discovery Fund Series – I
The company plans to extend its offline centres beyond Bengaluru to other major metro cities
Online furniture rental startup rentomojo
has raised an undisclosed amount from ValueQuest Scale Fund in a Series D funding round.
The latest investment by ValueQuest includes a mix of primary investment and secondary purchase for a minority stake in Rentomojo.
This comes months after Rentomojo raised INR 210 Cr ($25 Mn) in its Series D and D1 round led by Edelweiss Discovery Fund Series – I.
Rentomojo plans to use the funds for further expansion. The company plans to extend its offline centres beyond Bengaluru to other major metro cities, prioritising technology as part of its growth strategy.
The recent funding infusion further boosts Rentomojo, enabling it to solidify its position as the forefront innovator in the Indian appliances and furniture rental market.
In a statement, Geetansh Bamania, founder and CEO of Rentomojo, said, “We aim to capitalise on their extensive expertise in both private and public equity to enhance our strategies and operations.”
ValueQuest Scale has made several investments from their AIF Category II fund and is currently in their deployment phase, actively seeking opportunities to allocate capital.
Pushkar Jauhari, MD Head of Private Equity at ValueQuest said, “Consumption is one of the key themes in our portfolio construction approach and we are glad to collaborate with Rentomojo – a consumer-tech play in furniture and appliances renting model. It is one of the rare new-age businesses having scaled up with profitability aligning with our investment approach geared towards growth-stage companies.”
Founded in 2014 by Bamania, Achal Mittal, Ajay Nain and Gautam Adukia, RentoMojo leases out consumer appliances, furniture and other furnishing products through its app and website.
The Bengaluru-based startup claims to be operational across 16 cities and have served nearly 4.5 Lakh customers since its inception. It also claims to have been profitable for the last 10 quarters.
Rentomojo competes against the likes of Fabrento, Rentickle, Furlenco and Cityfurnish.
As per a report by Mordor Intelligence, the Indian furniture market is estimated to reach a size of $29.86 Bn by 2029.
