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19 Nov 2024
RentoMojo, the online furniture rental startup, is geared to reportedly file the IPO in the next 18 months, as per Geetansh Bamania, founder and CEO. It comes after the company achieved profitability in FY23, reaching a significant milestone in the industry, wherein the competitors continue to struggle with the unit economics.
Founded in 2014, the company offers a wide range of furniture, consumer appliances and furnishing products via its website and app. RentoMojo is currently operational in around 16 cities and, to date, has served approx. 4.5 lakh customers.
RentoMojo's profitability wasn’t without challenges. 2020’s pandemic forced the company for making some significant adjustments, which included salary cuts and layoffs. The measures proved successful. It helped the company to lead to a sustainable business model.
For the last 10 quarters, the startup has been profitable, and FY24 closed with INR 200 Cr in revenue, while the profit after tax stood at INR 22 Cr. The growth trajectory did attract the investor interest as RentoMojo continued to secure multiple funding rounds in current years- INR 210 Cr ($25 Mn) in its Series D and D1 rounds led by Edelweiss Discovery Fund Series – I.
With RentoMojo preparing for the IPO, the company's success story highlights the potential for profitable growth within the online market for furniture rental.
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