Bangalore, 23 November, 2015: Rentomojo, Furnishing Solutions platform, headquartered in Bengaluru raised $2 million in Pre-Series A from Accel Partners and IDG Ventures India. Venkatesh Peddi from IDG Ventures India and Prashanth Prakash from Accel Partners join the board of Directors.
Rentomojo was founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain. The company had raised seed capital from London-based investors last year. Currently they operate in four cities: Bengaluru, Mumbai, Delhi NCR and Pune. Categories on the platform include Appliances, Furniture, Packages, Kitchen and Home utility, as well as two wheelers.
Speaking on the occasion, Geetansh Bamania, Co-founder and CEO, Rentomojo said, “With urbanization, increasing incomes and declining savings among the working professionals, we are witnessing the birth of Access Economy with the advent of Airbnb, Uber, Rentherunway and the likes. We want our users to get an access to a personalized lifestyle without actually owning it. We work as a marketplace and keep this business asset light.” “We are delighted to have Accel Partners and IDG Ventures India as our partners in our mission to provide convenient and affordable solutions. The funds will fuel our expansion across the country.”
“Rentomojo has a grand vision. Both Geetansh and Ajay have demonstrated excellent execution focus and passion to build out a strong technology platform. Their platform is witnessing exponential growth and it is exciting to be part of this growth” said Venkatesh Peddi, Executive Director, IDG Ventures India Advisors.
“This is an India innovation, led by young entrepreneurs, built on the philosophy of experience without owning. We are confident that there is an incumbent market for the business, which would help accelerate the business,” said Prashant Prakash, Accel Partners. Headquartered out of Bangalore, the company employs over 50 people.
Rentomojo is one of India’s leading home furnishing rental platforms. It was founded in 2014 by IIT Madras alumni, Geetansh Bamania and Ajay Nain. The company lets users rent furniture and home furnishings for a minimum period of three months. It operates across Headquartered out of Bengaluru, it currently has more than 50 employees.
About Accel Partners
Accel is a leading early and growth-stage venture capital firm powering a global community of entrepreneurs. Accel backs entrepreneurs who have what it takes to build a world-class, category-defining business. Founded in 1983, Accel brings more than three decades of experience building and supporting hundreds of companies. Accel has backed a number of iconic global platforms, including Atlassian, Braintree, BookMyShow, Cloudera, Dropbox, Etsy, Facebook, Flipkart, FreshDesk, MuSigma, Myntra, Ola-TaxiForSure, Perfint, Slack, Spotify and others. For more information, please visit us at accel.com, or on facebook.com/accel
About IDG Ventures India:
IDG Ventures India is a leading technology venture capital fund in India. The fund is part of IDG Ventures, a global network of technology venture funds with over $6 billion under management with over 220 investee companies and 10 offices across Asia and North America. IDG Ventures has been an investor in companies including Funzio, Ctrip, Tencent, Baidu, Netscape, BabyCenter, Sohu, Vancl and VinaGame. In India, IDG Ventures has invested in companies such as Flipkart, Myntra, Yatra, Newgen, FirstCry, Vserv, Manthan, Lenskart, Adadyn, Zivame, Hiree and NestAway.