RentoMojo, an online rental solution startup has raised funds of $5 million in a first strategic round (Series A) from IDG Ventures and Accel Partners.
Since its inception in November 2014, the Bengaluru headquartered company has expanded to three more cities – Delhi, Mumbai and Pune.
The funds raised will be used to further strengthen the product and data driven structure within the company, it said in a statement here on Monday.
“We want our users to indulge in the benefits of curated, personalised lifestyle without actually owning it. Apart from the cities we are operating in currently, we plan to expand to two more cities in the coming quarter,” said Bamania, founder of RentoMojo.
Geetansh Bamania is a serial entrepreneur and has worked with e-commerce majors such as Flipkart and Pepperfry.
Prior to this, RentoMojo had raised $2 million in Pre-Series A from Accel Partners and IDG Ventures, India in November last year.