Online furniture rental startup RentoMojo raises USD 10M for Series B
Founders: Geetansh Bamania, Achal Mittal, Ajay Nain, and Gautam Adukia
Founded in: 2014
Financing status: USD 10 million for Series B round in 2017
Online subscription-based furniture rental startup RentoMojo has raised USD 10 million for Series B round from Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated in the round.
RentoMojo was founded in 2014 by IIT-Madras graduates, Geetansh Bamania, Achal Mittal, Ajay Nain, and Gautam Adukia.
The Bengaluru-based startup offers subscription-based online furniture and appliances rental services for users to set up relocation with free delivery. They offer four types of lease plans include package lease (an overall solution for one room), furniture lease, appliances lease and motorcycle lease. The users can select the furniture and appliances by the type of rooms, like living room, kitchen, office, bedroom, study, etc. When users begin using the service, there is a fixed minimal amount of payment required as deposit for the rental which is refundable later. And the minimum renting period is 3 months. According to their website, the startup’s services are available in eight cities, including Bangalore, Mumbai, Delhi, Hyderabad, Chennai, etc. The startup claims to have over 25,000 subscribers on the platform.
The startup will use the newly raised investment to develop new categories of product, build a stronger team, and expand to more cities.
Edtech startup PlayAblo raises USD 600K
Founders: Dheeraj Sharma
Founded in: 2015
Financing status: USD 600K for undisclosed round in 2017
PlayAblo was founded in 2015 by NIT Calicut alumnus Dheeraj Sharma, who had previously worked with iGate and Genpact.
The Bengaluru-based PlayAblo is owned by GoSharp Technology & Consulting Pvt. Ltd. The startup provides a mobile-based product for children, tutors, schools, and NGOs focusing on skill development. PlayAblo offers English and math lessons for 6 to 12-year old children. And PlayAblo also seeks to position itself as the official learning app for partner schools.
The startup will use the newly raised capital to upgrade its technology platform, optimize product development, and invest in infrastructure to increase sales.
Similar players in this field in India are Vadodara-based Math Buddy and Bengaluru-based Byju’s. Math Buddy is an online math learning startup who offers virtual math labs and interactive products to help children learn mathematics in a school environment. They had raised an undisclosed amount of seed round from Menterra Social Impact Fund. BYJU’s is an Ed-tech company who develops a K12 learning app. Byju’s was reported that they are looking for acquisition opportunities.
(Top photo from Pixabay)