RentoMojo Renames, Eyes IPO as Profits Surge 40% in FY25
RentoMojo, a leading furniture and appliances rental service in India, has announced significant changes ahead of its next growth phase. The company, founded in 2014 by Geetansh Bamania and Ajay Nain as Edunetwork Private Limited, has turned profitable and is now preparing for a public listing. In a strategic move, the company's board has approved a renaming to Rentomojo Private Limited, aiming to align its corporate identity with its consumer-facing brand. This decision comes as the company eyes its next phase of growth in the city and beyond.
The company has experienced remarkable growth, with operating revenue surging 40% to INR 270 crore in FY25. It reported a net profit of INR 40 crore in the same year, marking its first profitable fiscal year. RentoMojo has raised about INR 400 crore from investors like Accel, Chiratae Ventures, and Bain Capital to fuel its expansion into new cities and basecamps.
RentoMojo currently operates 65 physical stores across 22 cities in India, serving an active subscriber base of over 2.2 lakh. It has deployed over 7.5 lakh items to customers, competing with other players like Furlenco, Rentickle, and Cityfurnish. The company's future priorities include expanding into more cities, adding new product categories, and increasing procurement to cater to its growing subscriber base.
In preparation for its public listing, RentoMojo has onboarded investment bankers IIFL and Motilal Oswal.
RentoMojo's renaming and upcoming IPO reflect the company's confidence in its growth potential. With a strong financial performance and ambitious expansion plans, the furniture and appliances rental service is poised for further success in the Indian market.
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