The Indian Wire » Startups » Furniture rental platform RentMojo to secure ₹27.74 cr from Samsung Venture, Mitsui Sumitomo
Startups

Furniture rental platform RentMojo to secure ₹27.74 cr from Samsung Venture, Mitsui Sumitomo

Drone startup Asteria Aerospace bags INR 23.12 cr from Reliance Industries

RentMojo, a furniture rental platform, based out of Bengaluru, is set to raise ₹27.74 crore from Samsung Venture arm and Mitsui Sumitomo.

After the infusion of the latest funds, Accel India will hold 24.92 per cent stake, Chiratae (IDG Ventures) will hold 15.6 per cent stake, Samsung Venture capital will hold 3 per cent stake and Mitsui will hold 0.99 per cent stake in the company.

While, till today, the platform has raised $39.7 million funding.

The company was founded by Geetansh Bamania in November 2014. Its services are active 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.

It has a consumer product leasing business that raises lease-capital from financial institutions for products rented to consumers for long periods, typically up to 18 months.

Currently, the company offers leases for furniture, appliances, and bikes, etc.

Furthermore, it is now planning to expand to more cities in India.

Around $23 billion in venture capital funding has poured into the sharing economy globally since 2010, a report by BCG estimated.

Some of the significant startups in the similar domain includes FurlencoUrban LadderPepperfryRentickle, and many more.

Reach out to The Indian Wire!

Want to work with us? Looking to share some feedback or suggestion? Have a business opportunity to discuss?

You can reach out to us at [email protected] and we will get back in minutes.

Like us on Facebook!

Advertisement