Bengaluru-based, furniture and other durables rental platform, RentoMojo has raised $10 million in a Series B funding from private equity investor Bain Capital Ventures and fintech entrepreneur Renaud Laplanche on Tuesday.
Founded by IIT Alumnus Geetansh Bamania in November 2014, RentoMojo has expanded to eight cities including Delhi, Mumbai, Pune and Bengaluru.
The platform, earlier raised a funding of $7 million from Accel Partners and IDG Ventures, in July last year over two rounds, who have contributed 20-30% of the fund and have increased their share in the firm.
“Bain coming in at this stage and Renaud’s faith in us is a big confidence booster. I think people will now move from seeing us an e-commerce company to a fin-tech consumer leasing firm,” Bamania told.
Rentomojo is a marketplace offering furniture, furnishings, appliances, trekking equipment and bikes, that young professionals can book at affordable rentals.
“RentoMojo is going after a potentially very large market and has demonstrated impeccable execution so far. We are very happy to be part of the company’s journey and continue to remain excited about its future potential” said Venkatesh Peddi, executive director at IDG Ventures.
The funding will be utilized to provide much-needed scale to its leasing programme, Bamania said. Further, RentoMojo will use 20-30% of the fund towards marketing and branding. The rest will be invested across lateral hiring and increasing its products catalogue.