Why buy when you can rent? That’s the question Rentomojo aims to answer for today’s young, mobile urbanites. Founded in 2014 by Geetansh Bamania and Ajay Nain, this Bengaluru-based startup is redefining the furniture and home appliance market. Instead of burdening consumers with the cost of ownership, Rentomojo offers a flexible rental solution for furniture, appliances, and electronics. (Rentomojo)

The idea for Rentomojo was born when Geetansh Bamania, an IIT-Madras graduate, realized the hassle of buying and transporting furniture while frequently relocating. Recognizing this pain point, he turned it into a business model that would allow users to rent essential household items instead of owning them. Rentomojo’s headquarters is located in Bengaluru, the startup hub of India. Through its flexible, low-cost solutions, Rentomojo caters primarily to young professionals and students. 

The company operates on an asset-light model, collaborating with vendors to lease furniture and electronics without owning a vast inventory. This approach lets Rentomojo scale quickly and efficiently. They offer subscription plans for renters who can choose to upgrade, return, or purchase items at the end of their rental period.

The ‘Mojo Makers : How Geetansh Bamania Found His Groove in Rentals

Rentomojo has an impressive lineup of founding members. The company was founded by Geetansh Bamania, Ajay Nain, and Achal Mittal in 2014. Geetansh Bamania, the primary driving force behind the company, has a background in product management, having worked with Flipkart and Pepperfry, where he handled the furniture category. During this period, Geetansh frequently moved between cities, which exposed him to the hassle of constantly buying and relocating furniture. (Geetansh Bamania)

Inspired by his brother’s experience of renting everything while living in the UK, Geetansh recognized the gap in the Indian market for rental furniture and appliances. Before starting Rentomojo, Geetansh had already dabbled in entrepreneurship. He had founded Hopemonkey, a crowdsourcing platform to codonate for causes people care about and Click2Skill, a skill-exchange platform.

Geetansh Bamania holds a degree from IIT Madras, where he met Ajay Nain, the other co-founder of Rentomojo. Both came from engineering backgrounds, with Ajay specializing in mechanical engineering. He also has expertise in Lean Six Sigma, which helped him streamline the startup’s operations.  (Ajay Nain)

Achal Mittal later joined the venture as a founding member. He brought in a strong background in finance and operations. Before joining Rentomojo, Achal worked in banking at ICICI and HSBC. (Achal Mittal)

Furniture Rental Service Market : Why Renting is the New Buying

In 2023, the global furniture rental service market was valued at $77.81 billion, and it’s projected to reach $142.91 billion by 2030, growing at an impressive 9.07% CAGR​. This rapid growth is driven by changing consumer preferences, particularly among millennials and Gen Z, who prioritize flexibility and sustainable consumption​. (Fortune Business Insights)

The market is segmented into residential, commercial, and event rentals. Residential furniture rentals cater to individuals and families who need temporary or flexible furniture solutions, often due to relocations or short-term housing. Commercial furniture rental is a popular choice for businesses and co-working spaces, offering adaptability and cost savings. Event rentals, such as for weddings or conferences, make it easy to set up temporary spaces without hefty investments​.

The rise of subscription-based models and tech-driven services has made it easier than ever to rent furniture. Companies like Furlenco and Rentomojo are leading the charge, offering hassle-free rentals with options for upgrading or buying furniture at the end of the rental term​. Additionally, the market is embracing sustainability, with rental companies focusing on recycling and reusing furniture to reduce waste. (Future Market Insights)

Asia-Pacific, particularly India, is one of the fastest-growing regions, driven by a young population that prefers renting over owning​. As more people recognize the benefits of renting, from cost savings to convenience, the furniture rental market is set for significant expansion in the coming years. (Grand View Research)

No Strings Attached: How RentoMojo Makes Flexibility Affordable

Who says you need to buy furniture to enjoy a well-decorated home?  Renting could be a smarter and economic choice especially for young professionals and urban dwellers who move frequently. And Rentomojo’s mission is to make high-quality, essential  furniture, appliances, and electronics accessible to prioritize flexibility over ownership. They empower users to live smarter by renting instead of purchasing, reducing the burden of upfront costs. (About Rentomojo)

The vision of Rentomojo is to lead the shift towards a subscription-based lifestyle where ownership takes a backseat. It envisions a world where people have the freedom to relocate, upgrade, and customize their living spaces without the hassle of buying and selling furniture.

Problems They Solve

Rentomojo addresses several key problems faced by young professionals, students, and frequent movers. First, it eliminates the hefty upfront costs of purchasing furniture and appliances, which can be a burden, especially for people relocating frequently. It also provides flexibility—customers can rent items for as long as they need and return or upgrade them without long-term commitments. This approach also solves the problem of waste and sustainability by encouraging the reuse of furniture, aligning with the growing trend toward eco-friendly living​.

Business Model

Rentomojo operates on an asset-light, subscription-based model. Instead of owning a vast inventory, the company partners with vendors and manufacturers to source products on a cost-sharing basis. This helps the company scale efficiently while minimizing capital expenses. Customers can rent furniture, appliances, and electronics for flexible periods, with the option to return, upgrade, or even purchase items after the rental term. The business model is supported by diverse revenue streams, including rental fees, subleasing agreements, and ancillary services like maintenance.

From Sofas to Smartphones: What Can You Rent with RentoMojo?

Rentomojo has curated a diverse range of products to simplify urban living, offering everything from home furniture to electronics and appliances, all through easy monthly rentals. (Products)

Furniture

Rentomojo offers an extensive range of furniture, catering to various needs:

• Living Room Furniture: Sofas, coffee tables, TV units.
• Bedroom Furniture: Beds, wardrobes, and mattresses, with customizable sizes and designs.
• Dining Sets: Complete dining solutions from tables to chairs. Each product goes through strict quality checks to ensure durability and comfort. Customers can also upgrade or swap items at any time, making it a flexible solution for those frequently on the move​.

Applicants

You don’t need to invest in expensive appliances when you can rent everything from washing machines to microwaves. Their smart TVs and refrigerators are popular choices, and they also offer air conditioners for those hot summer months. Each appliance comes with free maintenance, so you never have to worry about repairs​.

Electronics and Gadgets

If you need the latest gadgets, Rentomojo covers that too. They provide smartphones, laptops, and tablets on rent, ensuring you stay up-to-date without breaking the bank. This is perfect for short-term use or when you want to test the waters with the latest tech.

Fitness Equipment

With fitness becoming a top priority, Rentomojo has introduced fitness gear, including treadmills and exercise bikes. You can set up a home gym without committing to high-priced equipment​.

Special Solutions

Rentomojo offers Work-from-Home Essentials, such as ergonomic chairs and desks, catering to the growing number of remote workers. They also provide fitness equipment, ensuring that customers can create home gyms without the heavy costs of purchasing equipment​

In addition to this, the company offers free delivery, setup, and relocation services, which enhances customer convenience, particularly for those who move frequently. The option to cancel anytime and return products further adds to its user-friendly approach.

Making an Impact : Winning the Rental Game

Rentomojo’s impact on the rental economy is undeniable. From its inception in 2014, the company has helped revolutionize how Indian consumers view furniture and appliance rentals. As of 2024, the platform boasts over 450,000 customers and operates in 16 cities. This success has positioned the company to explore an IPO in the near future, potentially marking a new chapter in its growth​. (The Economic Times)

In terms of recognition, Rentomojo has been a standout in the startup community. It won the ABECA 2024 (AmbitionBox Employee Choice Awards), further solidifying its reputation as a top company to work for. (AmbitionBox)

Over the years, RentoMojo has forged partnerships with other companies.One of its key collaborations is with CleverTap, an all-in-one engagement platform. This partnership aims to optimize customer engagement through personalized strategies and advanced analytics. By integrating CleverTap’s solutions, RentoMojo saw a 37% improvement in reachability and significant growth in customer retention and repeat purchases. (CleverTap)

Funding Rundown: How RentoMojo Rented Its Way to the Top

RentoMojo has consistently attracted investor attention, securing over $96.2 million in funding across 17 rounds since its inception in 2014. (Tracxn)

Early-Stage Funding

• Seed Round (Sep 10, 2015):
  Rentomojo raised $2.0 million, which valued the company at $6.1 million. This early-stage investment was led by Accel and Chiratae Ventures, both of whom would continue to support the startup in future rounds. At this time, Rentomojo generated $141,000 in revenue, with a multiple of 37.1x​.
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• Seed Round (Aug 11, 2015):
  Prior to the larger seed investment, Rentomojo secured $95,000 from Central Park Security and angel investors Nitish Mittersain and Vishal Sampat. The company’s valuation at this point was $1.6 million, with a revenue of $117,000, demonstrating strong early interest​.

Series A Funding

• Series A (Jun 6, 2016):
  Rentomojo’s Series A round raised $5.0 million, with the company’s valuation rising to $22.3 million. At this point, the company reported revenue of $659,000, with a revenue multiple of 29.9x. This round was once again led by Accel and Chiratae Ventures, reaffirming their commitment to the startup’s growth​.

Series B Funding

• Series B (Jul 19, 2017):
  In 2017, Rentomojo secured $10 million in Series B funding. This round was led by Bain Capital Ventures, with continued participation from Accel and Chiratae Ventures. The company was valued at $62.3 million, and it generated $3.3 million in revenue with a multiple of 17.0x​.

Series C Funding

• Series C (Jul 15, 2019):
  This round raised $1.2 million at a valuation of $93.4 million. The company reported $17.0 million in revenue, with a multiple of 5.5x. Key investors included Mitsui Sumitomo Insurance Venture Capital and angel investor Renaud Laplanche​.
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• Series C (May 11, 2019):
  Just before this, Rentomojo raised $11.0 million at a valuation of $94 million. This investment saw the company generate $16.2 million in revenue. Accel, Chiratae Ventures, and Bain Capital participated in this round​.
  
• Conventional Debt (Mar 1, 2020):
  Rentomojo also raised $79.3K in conventional debt in 2020, continuing to diversify its funding sources​.

Series D Funding

• Series D (Feb 21, 2024):
  Rentomojo raised $25.3 million in this recent round. Edelweiss Discovery Fund and Chiratae Ventures led the investment, along with participation from Magnetic, ValueQuest, and angel investor Rajeev Chitrabhanu. This round was facilitated by The Rainmaker Group.

In FY 2022-23, RentoMojo recorded a revenue of ₹123.3 crore, marking a solid jump from the ₹99 crore reported in FY 2021-22.