Indian furniture rental startup RentoMojo is raising $2 million funding from GMO Payment Gateway, as per the documents filed by the company earlier this month (via Paper.vc). The company is currently in the process of seeking shareholder approval to issue 251 compulsorily convertible debentures with face value of ₹5,71,000.
Earlier this year, the company had raised ₹27.7 crore as a part of its Series C funding led by Samsung’s venture capital arm Samsung Venture Investments Corporation (SVIC), along with participation from Mitsui Sumitomo Insurance Venture Capital (MSIVC).
Prior to that, the company had secured ₹1.16 crore from Renaud Laplanche, the Co-founder and CEO of Upgrade. The firm has also secured funding from Accel Partners, Chiratae Ventures, IDG Ventures, and Bain Capital. At that time, the startup said the funds will be used for accelerating its growth and expansion to new cities.
Rentomojo was founded in the year 2014 by Geetansh Bamania. The firm offers furniture, appliances, and electronics on lease in Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram. The startup also provides free relocation, maintenance, and product swap facilities on the rented items.
In this space, the company competes with the likes of Furlenco, Urban Ladder, and Pepperfry among others. Rentomojo currently claims to have over 25,000 subscribers on the platform. The funding could be used to strengthen its product and building a stellar leadership team as well as expand across categories and geographies.