India: RentoMojo raises $11m in Series C funding led by Accel, Chiratae

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Furniture and appliance leasing startup RentoMojo is raising about 11 million (Rs 77.72 crore) in a Series C funding round led by existing investors Accel India, and Chiratae Venture.

According to the company’s filings with the Registrar of Companies (RoC) sourced by paper.vc, the Bengaluru-based startup will also see capital infusion from Bain Capital Ventures and Japanese investor GMO Venture Partners.

Accel is subscribing to 3,000 Series C cumulative convertible preference shares (CCPS) of RentoMojo, each at a premium of Rs 92707.42 equating to Rs 27.84 crore while Chiratae via IDG Ventures India Fund II, III will be allotted 2,424 Series C CCPS for an investment of about Rs 22.5 crore. Its trust will acquire 576 shares by investing Rs 5.34 crore.

Meanwhile, Bain Capital is subscribing to a total of 1,500 CCPS for an investment of Rs 13.9 crore, and GMO is pumping in about Rs 6.9 crore by subscribing to the company’s 740 shares. Fintech entrepreneur Renauld Laplanche is also taking part in the funding in his personal capacity.

RentoMojo, owned and operated by Edunetwork Pvt. Ltd, offers furniture, electronics and bikes on lease in Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram. It provides consumers with a viable alternative to traditional EMIs by offering rental options across various product categories.

According to Crunchbase, the startup has raised about $28.1 million in funding till date.

The latest financing comes almost two years after the startup raised $10 million in series B funding from Bain Capital Ventures and Laplanche in July 2017. The same year in May, RentoMojo raised an undisclosed amount in debt financing from IntelleGrow.

While appliances currently comprise around 40 per cent of Rentomojo’s total sales, smartphones as a category is expected to grow significantly to account for 40 per cent of sales by March 2021, Mint recently reported.

RentoMojo competes with startups such as Furlenco, a furniture rental firm. Furlenco, which counts Lightbox Ventures, Crescent Enterprises and Trifecta Capital among its investors, too, is planning to raise up to $50 million, according to media reports.

 

 

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.