Furnishing rental platform, Rentomojo, gets Pre Series A funding, raises $2 million

Bengaluru-based Rentomojo, a furnishing rental platform, has raised $2 million in Pre Series A from Accel Partners and IDG Ventures.

Founded in 2014 by IIT Madras alumni, Geetansh Bamania and Ajay Nain, Rentomojo lets users rent furniture and home furnishings for a minimum period of three months.

After the funding, Venkatesh Peddi from IDG Ventures India and Prashanth Prakash from Accel Partners have joined the board of Directors of Rentomojo, which currently operates in Mumbai, Delhi-NCR, Pune and Bengaluru.

Bamania, co-founder and CEO, Rentomojo said, “We are witnessing the birth of Access Economy with the advent of Airbnb, Uber, Rentherunway and the likes. We want our users to get an access to a personalized lifestyle without actually owning it. We work as a marketplace and keep this business asset light.”

Accel Partners was one of the first investors for Flipkart, Freshdesk, Myntra and Commonfloor as well. meanwhile, IDG Ventures India is part a global network of technology venture funds and has invested in Flipkart, Yatra, Newgen, Brainbees (FirstCry.com), Vserv, Manthan Software, Valyoo (Lenskart.com), Ozone Media and Actoserba (Zivame.com).

“Rentomojo has a grand vision. The platform is witnessing exponential growth and it is exciting to be part of this growth” said Peddi, Executive Director, IDG Ventures India Advisors.