India Dealbook: RentoMojo secures $2m from IDG, Accel; Go Colours to raise $25m for expansion

Visual from RentoMojo website

RentoMojo, an online home appliances and furniture rental company, has raised nearly $2 million from venture capital firms IDG Ventures India and Accel Partners India. In a separate development, Go Colours plans to raise $25 million (about Rs 165 crore) as part of Series B fund raising round by early next year to fund its aggressive growth and expansion plans.

RentoMojo raises $2m from IDG Ventures, Accel Partners

RentoMojo, an online home appliances and furniture rental company, has raised nearly $2 million from venture capital firms IDG Ventures India and Accel Partners India, said a report in The Economic Times.

Founded in November last year by Geetansh Bamania, RentoMojo will use the funds in expanding its operations to other cities. It currently provides services in Mumbai, Bengaluru, Delhi and Pune with a team of about 50 people.

The company sells items such as beds, microwaves, television, tables and water purifiers on rent through its platform. It forayed into motorcyles and bikes renting segment recently. The minimum rental period for furniture is six months and the company uses Instamojo.com to receive payments online.

The company has about 2,000 active subscribers on its platform, which it plans to scale up to 6,000 by March next year.

Clothing firm Go Colours to raise $25m for expansion

Clothing brand Go Colours plans to raise $25 million (about Rs 165 crore) as part of Series B fund raising round by early next year to fund its aggressive growth and expansion plans, according to a report in PTI.

The clothing brand had raised about $10 million from Sequoia Capital early this year for expansion, the report said.

The company plans to use the funds in doubling its exclusive brand stores to 700 across 100 towns by the next financial year against 340 stores in 60 cities at present. In the multi brand outlets space too, the company plans to increase presence by two-fold to 3,000 stores by next year.

With this, the company is targeting to reach revenues of Rs 200 crore in the financial year 2016-17 against projected revenues of Rs 100 crore this fiscal.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.