RentoMojo, a consumer product leasing startup, today said it has raised $10 million (over Rs 64 crore) from new investors Bain Capital Ventures and Renaud Laplanche.
RentoMojo, a consumer product leasing startup, today said it has raised $10 million (over Rs 64 crore) from new investors Bain Capital Ventures and Renaud Laplanche. The series B funding also saw participation from existing investors, Accel Partners and IDG Ventures, Rentomojo said in a statement. The funds raised will be used to further strengthen the product, finish building a stellar leadership team, and expand into new categories and geographies, it added. Founded by IIT alumnus Geetansh Bamania, RentoMojo raises lease-capital from financial institutions for products rented to consumers for long-term periods, typically 18 months. Salil Deshpande, Managing Director at Bain Capital Ventures, will join RentoMojo’s board along with Renaud Laplanche, the co-founder and CEO of Upgrade. “India is credit-constrained. We have consumer lending, but not consumer leasing. We believe that the leasing value- proposition is stronger than lending, especially for today’s youth which opts to pay as they use, rather than buying. Innovation is at the core of everything we do,” Geetansh Bamania, CEO and Founder, RentoMojo said. Since its inception in 2014 RentoMojo has expanded to Pune, Mumbai, Bangalore, Delhi, Chennai and Hyderabad, with over 25,000 subscribers on the platform. Previously, RentoMojo had raised a total of $7 million in Seed and Series A from Accel Partners and IDG Ventures.