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$5 Million Fund Raised By Rentomojo

BENGALARU, INDIA: RentoMojo, an online rental solutions company successfully raised $5 million in funds to further strengthen the product and data driven structure in the company.

RentoMojo received the fund from IDG Ventures and Accel Partners in a first strategic round (Series A). The company, is headquartered in Bengaluru and has expanded to Delhi, Mumbai and Pune.

According to Money Control, RentoMojo is founded by IIT Alumni Geetanch Bamania and built on a asset-light, fintech model allowing it to be a scalable business venture within the startup ecosystem.

“We want our users to indulge in the benefits of curated, personalised lifestyle without actually owning it. Apart from the cities we are operating in currently, we plan to expand to two more cities in the coming quarter,” said Bamania.

“We are growing at a pace of 30 percent month-over-month and we hope to continue on this growth trajectory,” he added.

Bambino believes that product-renting business’s potential is huge in India because the growth in inter-city migrant population.

Previously, RentoMojo raised $2 million from Accel Partners and IDG Ventures in a Pre-Series A in India.