For young professionals who are not sure, which city their next job is going to take them to, doing up their new home with furniture bought on rent is an easy way out. This is the emerging market that Rentomojo is eyeing.
The startup has pioneered an interesting alternative for furnishing homes in India, and in the process, landed $5 million in fresh financing to further scale its business. The money was provided by Accel and IDG Ventures, and it follows a $2 million raise last November from the same investors.
The 18-month-old company’s mantra is simple – It wants to free people from the burden and cost of ownership, but let them rent what they need. The company works on an asset-light model. When a consumer orders on the platform, Rentomojo procures the assets from vendors and gives it to the consumers. All you have to do is submit identification and address proof besides a security deposit.
Read more about how the company is looking to scale further – Click here
BoringBrands is proud partners to Rentomojo’s growth story.