Exclusive: Accel-backed Rentomojo raises venture debt from Intellegrow

Visual from Rentomojo website, May 2017

Bengaluru-based home appliances and furniture rental firm Rentomojo, run by Edunetwork Pvt. Ltd, has received funds in the form of venture debt from IntelleGrow.

In July last year, RentoMojo had raised $5 million in its first strategic round Series A funding from existing investors IDG Ventures and Accel Partners. Prior to this, in November 2015, RentoMojo raised around $2 million in funding from IDG Ventures India and Accel Partners India.

This time around the company has raised around Rs 5 crore ($775,000) in debt from IntelleGrow.

Founded in 2014, Rentomojo currently operates in eight cities namely Bengaluru, Mumbai, Pune, Delhi, Noida, Gurgaon, Hyderabad and Chennai.

While confirming the development, Geetansh Bamania said, the loan from IntelleGrow was raised for operational needs and assets deployment.

Without providing more details, he added that the company, which was founded in 2014, is in talks to raise further funds. However, he clarified that this venture debt was not a part of any round.

Venture debt is emerging as a popular funding options for firms that are looking for interim investments without diluting equity. Within India, companies such as Temasek-backed Innoven Capital and domestic venture debt fund Trifecta Capital compete with IntelleGrow in this space.

At present, Intellegrow has 160 companies as its clients, of which 66 were new clients added in FY17 (April 2016-March 2017). In the current financial year, the company plans to add 120 new clients and take the total number to 290 customers.

Innoven Capital also counts Rentomojo as one of its clients.

Last year, another online furniture rental start-up Furlenco (Kieraya Furnishing Solutions Pvt. Ltd) raised $30 million in a Series B funding round led by existing investor LightBox Ventures, with participation from IntelleGrow.

Furlenco raised $15 million in equity from LightBox Ventures, with participation from new investor Axis Capital, a Hong Kong-based fund, and high net-worth individuals including Gautham Radhakrishnan, partner at Tata Opportunities Fund, among others. The $15 million in debt came from banks such as HDFC Bank Ltd, Kotak Mahindra Bank Ltd and Axis Bank Ltd, apart from venture debt firm IntelleGrow and undisclosed family offices.

Also Read: India: Online furniture rental start-up Furlenco raises $30m in a mix of equity, debt funding

Exclusive: IntelleGrow in talks to raise $100m via debt, equity in next few months

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.