Rentomojo headquartered in Bengaluru announced about their Series A funding of $2 million today.
The startup was founded in November last year and have managed to attract 2,000 subscribers with a regular monthly rental for home furnishing products including furniture, water purifiers, home appliances and other categories like adventure and bike rentals.
Geetansh Bamania, Founder and CEO, Rentomojo said, “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.”
To rent products @rentomojo.com you just have to pay a nominal refundable deposit and the rent/month for eg. If you want to rent a Refrigerator in Bengaluru you need to pay Rs 750/Month for a 12 months tenure and a refundable deposit of Rs 1349 and every month you will receive a link for the payment and you are done.
They claim of reaching 6000 subscribers by March next year with a growth rate of 40-45% every month.