Consumer leasing platform RentoMojo raises Rs 77 crore as the first tranche of its series C round

Key Highlights

RentoMojo has raised Rs 77 crore as the first tranche in its series C round.

Accel Partners and Chiratae Ventures co-led the funding round.

RentoMojo has generated total revenue of Rs. 15 crores.

 Electronics, furniture, and appliance-centric consumer leasing platform RentoMojo have raised Rs 77 crore as the first tranche in its series C round co-led by Accel Partners and Chiratae Ventures. This round also attracted existing investor Bain Capital in the funding round and GMO VP worked as a new investor in this round.

According to Registrar of Company filings with MCA, Accel India has picked up 3,000 Series C CCPS shares worth Rs 27.84 crore while Chiratae has acquired 2,424 shares for Rs 22.5 crore via IDG fund I and II. Its trust fund will also pick up 576 shares by investing Rs 5.34 crore.

In the funding round, Chiratae will invest the same amount as Accel – Rs 27.84 crore and Bain Capital will invest Rs 12.56 crore for 1,353 shares. Japanese venture capitalist GMO VP is collectively investing Rs 6.96 crore to acquire 740 series C CCPS shares as well as 10 equity shares. Former Lending Club CEO Renaud Laplanche who also was a part of RentoMojo’s Series B round set to invest about Rs 1.16 crore in this round.

RentoMojo initiated its business as furniture renting platform but soon it diversified its business portfolio and converted it into a fintech company which provides consumers with a viable alternative to traditional EMIs by offering rental options across various product categories. For the fiscal year 2017, the company posted a loss of Rs. 22.4 crore on total income of Rs. 15 crores. The firm gives tough competition to startups such as furniture renting firm Furlenco.

Stay connected with us for latest updates!

Himanshu Gupta

Start typing and press Enter to search

Shopping Cart