Online rental solutions company RentoMojo has raised funds of USD 5 million in a first strategic round (Series A) from IDG Ventures and Accel Partners.
The funds raised will be used to further strengthen the product and data driven structure within the company, it said in a statement here today.
Since its inception in November 2014, the Bengaluru headquartered company has expanded to three more cities – Delhi, Mumbai and Pune.
Founded by IIT Alumni Geetansh Bamania, RentoMojo is anchored on an asset-light and fintech model that makes it a scalable business venture in the startup ecosystem, it said.
“We want our users to indulge in the benefits of curated, personalised lifestyle without actually owning it. Apart from the cities we are operating in currently, we plan to expand to two more cities in the coming quarter,” said Bamania.
“We are growing at a pace of 30 per cent month-over-month and we hope to continue on this growth trajectory,” he added.
He believes that product-renting business has a huge potential in the country given the growth in inter-city migrant population.
Prior to this, RentoMojo had raised USD 2 million in Pre-Series A from Accel Partners and IDG Ventures, India in November last year.