RentoMojo Raises Rs 210 Crore From Edelweiss Fund, Chiratae
The startup says it has been profitable for the last 10 quarters and expanded to 16 cities.
RentoMojo has raised Rs 210 crore in a funding round led by Edelweiss' Discovery Fund Series–I and Chiratae Growth Fund.
The Bengaluru-based startup, which provides furniture, appliances, and fitness equipment on a monthly rental basis, has raised the amount as part of its Series D funding, implying its fourth funding round after the seed stage.
"This latest round of funding from investors serves as a launchpad, propelling the company to continue to lead the creation of the appliances and furniture rental category in India," it said in a statement on Wednesday.
The startup said it has been profitable for the last 10 quarters and expanded to 16 cities with close to 4.5 lakh customers. "The company has also built deep relationships with most of the prominent lenders across the country, ensuring that the company always has the dry powder to serve the ever-increasing demands of the customer," it said.
"This category has tremendous potential for growth, and Rentomojo’s leadership team is well-positioned to continue to profitably grow and lead this segment," said Ashish Agarwal, managing partner of Edelweiss Discovery Fund, the lead investor in the Series D round.
