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Rentomojo raises $2 million from IDG Ventures & Accel Partners

rentmojo

Online home appliances and rental service provider Rentomojo has raised $2 million in Pre-Series A funding from IDG Ventures and Accel Partners. As part of the deal, Venkatesh Peddi from IDG Ventures and Prashanth Prakash from Accel Partners will join the board of directors at the startup. The funds will be used for hiring and customer acquisition.

Founded in November 2014 by Geetansh Bamania and Ajay Nain, Rentomojo offers rental services across categories such as appliances, furniture, packages, kitchen and home utility, as well as two-wheelers, while also providing combined packages on home items. The startup claims to have 2,000 subscribers at present with plans to get 6,000 subscribers by March 2016. The company also claims to be growing at 45% per month.

Rentomojo doesn’t own any of the stuff put up for rent, instead tying up with suppliers externally. The price range for combination packs starts from Rs 700 for a mini studio apartment and goes up to Rs 3,499 for a pack of electrical home appliances including LED HD TV, automatic washing machine, single door fridge, microwave oven solo and induction plate, per month. The furniture can be rented for a minimum of 3 months and maximum of 1 year. The startup headquartered in Bangalore currently operates in Mumbai, Pune, Delhi and Bangalore and has a team size of 50.

Competition

– In July, Nestaway, a Bangalore based online home rentals startup, raised $12 million from Tiger Global and Flipkart. The startup had also raised $1.25 million in March.

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– Online real estate portal Housing partnered with brokerage network RE/MAX India to extend its verified property listing and advertise to property consulting and last-mile services.

– In March, Bangalore-based furniture rental startup Furlenco raised $6 million in a Series A round of funding.

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