RentoMojo - Live the contemporary lifestyle on rent!

Millennials today only believe in sharing rather than owning. Be it workspaces, cabs or even furniture. As we move forward through the years, we see more and more modernization of the things that were done quite traditionally by older generations. To bring the air of contemporary change in the renting furniture space, IIT-Madras graduates, Geetansh Bamania along with co-founder Ajay Nain founded RentoMojo in 2014.

Company Name RentoMojo
Headquarter Bangalore
Sector Ecommerce, Rental
Founders Geetansh Bamania,Ajay Nain
Founded 2014
Website rentomojo.com

RentoMojo - About and how it works
RentoMojo - Target Market Size
RentoMojo - Founders and Team
RentoMojo - How did it start?
RentoMojo - Startup Launch
RentoMojo - Startup Challenges
RentoMojo - Competitors
RentoMojo - Funding and Investors
RentoMojo - Growth

RentoMojo - About and how it works

Rentomojo logo
Rentomojo logo

As the name suggests RentoMojo is a consumer leasing company. Rentomojo is quite the leader in the lifestyle leasing/subscription industry in terms of revenue and number of subscribers. This is essential because of the asset-light financial model which makes this venture unique and sustainable.

Current verticals of RentoMojo majorly include furniture, appliances, and electronics. These verticals offer various items such as beds, microwaves, television, tables and water purifiers on rent. Besides all this wide array of items, this platform also gives packages on combined items. RentoMojo lends lifestyle rental access with a line of sight for 11 months at the least. And ideally functions through tie-ups with local suppliers and RentMojo do not hold any of its inventory.


Also Read: 2020 List of Top Rental Startups in India


RentoMojo - Target Market Size

According to a recent survey and the current economic growth rates, subscription or technology-led rental space is at a very nascent stage. But with rising urbanization and frequent movements of the working class from one city to another, the overall scope of online rental platforms is bound to rise. Over 90% of the furniture sector in India is unorganized and merely 1% of that is online.

According to a Redseer Consulting report, “the home furniture industry is a $25 billion market altogether, of which $250 million is online. However, by 2020, the home furniture industry is supposed to be worth $35 billion on the whole, with $700 million of it being online.”

RentoMojo - Founders and Team

  • Geetansh Bamania, Founder & CEO- Geetansh has an Engineering degree from IIT Madras. He is a Serial Entrepreneur and has forayed into multiple ventures like community learning start-up (Click2skill) and philanthropic crowdfunding start-up (HopeMonkey). He has also worked with Multinational companies like Flipkart, Pepperfry, and KPMG. He was selected for Forbes 30 under 30 in the year 2015 and was in the top 10 youngest and hottest entrepreneurs voted by Business World.
  • Ajay Nain, Co-founder & COO- Ajay is also an engineer from IIT and also happens to be a Lean Six Sigma expert in Supply Chain. Along with being the co-founder of RentoMojo, he has also found Gully Network with the vision of organizing the unorganized retail space.

Also Read: RentLite - Get Stylish Office Furniture on Rent


RentoMojo - How did it start?

All of this started when Geetansh was managing products at Flipkart and then went on to head the furniture category at Pepperfry. All this while, he kept moving around the four main cities of India namely Chennai, Bengaluru, Delhi, and Mumbai. And during this exact time, his brother was in the UK and he rented or leased pretty much everything he needed to sustain a temporary living arrangement. Hence Geetansh too started thinking on similar lines but renting furniture and appliances was not his first idea.

Geetansh had initially thought of renting out toys to children, with the reasons being that they are expensive and children only use them for a couple of days before the parents buy them new ones. But because he had a background and relative experience in furniture and appliance, he realized that this would be a more known path to begin his entrepreneurial journey. That’s when he quit Pepperfry and went on to launch RentoMojo in November 2014.

RentoMojo - Startup Launch

After launching the startup, RentoMojo received its first order in just within a month i.e., December of the same year. Also, within 24 months, RentoMojo grew from catering to 1,000 customers to 25,000 customers. During this time the company claimed to grow on a scale of 40X.

When it comes to sourcing, RentoMojo works with only a few vendors than several. These vendors have been identified carefully by the company on a basis like the quality of products and turn around time (TAT). Instead of dealing with large and well-known vendors in the city, RentoMojo ideally relies much more on local vendors.

RentoMojo - Startup Challenges

There is a common insight into the huge disparity in the purchasing power of developed and developing nations. RentoMojo as a venture strives to erode this problem and provide a contemporary and comfortable lifestyle to the younger generation.

Though availing the consumer products through leasing and renting is a fairly great concept because of being cheaper and also effectively convenient and flexible than buying, it is still a foreign and new concept for Indian consumers. “Effectively reaching out to make them aware and influence our target audience with the appropriate marketing mix at optimum investment is the challenge,” Said Geetansh

RentoMojo is dodging challenge through effective targeting, putting up relevant and optimized content, spreading awareness hacks and communications to educate the Indian customers about renting and its benefits. “We face the same challenges as what Airbnb, Uber and lending clubs would have faced in their initial days,” added Geetansh.

RentoMojo - Competitors

In the rental space of the country, RentoMojo faces both direct and indirect competition from ventures like Furlenco, Urban Ladder, and Pepperfry among many other major and minor players in the industry. However, none of these scaled-up companies in the lease and subscription industry have an asset-light model which RentoMojo, as a company operates in and believes, is the only way to scale and crack subscription business globally. This asset-light model is where most of the inventory is not owned by the company.

“As an asset-light company, we have the flexibility to expand to a new location at the click of a button, increase our number of partners and expand our capacity. Through outsourcing of asset sharing, we can focus on scaling by investing in R&D,” Said Geetansh

RentoMojo - Funding and Investors

In 2019, RentoMojo raised INR 1.16 crore from Renaud Laplanche. According to the filing of this Series C funding round, the company has issued 125 Compulsory Convertible Preference Shares at a premium amount of Rs 92,707.42 per share.    

In July 2017, the company had secured $10 million in a Series B funding round led by Bain Capital. And exactly a year before in July 2016, the firm had received $5 million in Series A funding from investors named IDG Ventures and Accel Partners.

RentoMojo - Growth

  • Has over and above 25,000 plus subscribers
  • Currently RentoMojo has around 2,000 active subscribers on the platform
  • Serves more than 100,000 live orders in a month
  • Operates in cities like Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram.
  • Also, the company recently started offering motorcycles and bike rentals.
  • RentoMojo has a team of about 50 people with current operations majorly four cities namely Mumbai, Bangalore, Delhi, and Pune.
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About Vidhi Punamiya

  • Mumbai