Funding story

Rentomojo, the latest big startup in the renting sector,recently raised $2 milion in Pre-Series-A funding from Accel Partners and IDG Ventures India. Given the congested nature of this rapidly expanding segment, this  funding is sure to be a huge boost in the arm for Rentomojo. The startup is set to use these funds for aggressive expansion and for greater hiring of talent.

About Rentomojo

The 21^st century has seen a huge expansion in the renting segment. The prime reason for this are smaller incomes and families, as well as simultaneously increasing demands, which have given rise to an “access economy” based on renting utility articles. Catering to one’s specific demands is the chief aim, with the quality of on-demand service hiring being the chief factor. Rentomojo, founded  by Geetansh, Ajay Nain, Prashant Chanchal and KJ Venky, allows for the renting of household appliances, bikes and furniture. On Rentomojo’s excellent website, it is possible for users to examine the immense range of products available.
Tenures as well as prices are relatively flexible, with users’ choices being given preference. Information about the available furniture types, and the associated prices, are accessible on the website itself. Some of the available types of furniture include Bed Side Tables, Chests of Drawers and Single Doors. On the other hand, their hugely popular bike renting services have costs being levied on a per day basis, with diverse models such as Harley Davidson Street 750, Kawasaki Ninja 300 and RE Thunderbird being available for hire.

What we think

Rentomojo claims to have around 2,000 active subscribers on its platform, and has a target of 6,000 set for March 2016. Given the huge potential of the on-demand hiring segment, one can confidently expect Rentmojo’s simple yet effective platform to work wonders in the near future. Rentomojo and associated startups are all set to fundamentally change the way we lead our daily lives.

Visit Rentomojo’s website for more information, or to avail of their services.