Indian startup Rentomojo — which lets patrons employ appliances furniture, motorbikes and other urban dwelling essentials — has closed a $ 10 million series B to continue its enlargement.
The circular become led by Bain Capital Ventures, and others that put in consist of Lending membership founder and former CEO Renaud Laplanche and current traders Accel and IDG.
It’s just about 12 months to the day that Rentomojo raised $ 5 million, and seeing that then the three-12 months-historical company has multiplied its focus from renting out domestic appliances and furniture into motorbikes, a doubtlessly lucrative segment.
The theory of the business is to cater to India’s migrating team of workers. in order that when someone pitches up in a brand new metropolis they could rent their home necessities as they want them in place of having to make an expensive outlay and with the aid of gadgets that they may also no longer need in the lengthy-term. it’s at present lively in eight cities in India, together with Bangalore, Mumbai and Delhi.
All told, Rentomojo CEO and founder Geetansh Bamania informed TechCrunch he believes the full market is value $ 60 billion per 12 months.
For the enlargement into bikes, Bamania the goal is to “present some thing that’s lower than the charge of Uber or Ola.” He estimates that many in urban areas spend upwards of $ 100 per month on such apps, whereas a Rentomojo bike customarily charges $ 30-forty per thirty days.
He stated the business is evaluating one other new transportation product which might launch within the next three to four months, though he declined to supply particular details at this time.
anyway that expertise expansion, the aim is in fact increase focus of Rentomojo among its features amongst its goal audience.
“Our eight cities cowl a pretty good 60-70 percent of online commerce [shoppers in India] right now, we are actually looking to go into much more depth within the cities we exist in,” he observed.
The company is additionally trying to employ in a select variety of senior positions, however doesn’t plan to vastly increase its current headcount of around 300 body of workers.
“We’re making an attempt to dwell lean, however with 120 in administration we’re very operational heavy,” Bamania advised TechCrunch. “we’re looking for management, ideally these in senior leadership roles that we’d like to be a part of with experiences in fintech, finance and customer lending.”
Already, even though, Rentomojo is getting a match injection of adventure as Laplanche, who helped pioneer peer-to-peer lending with Lending membership, and Bain Capital Ventures MD Salil Deshpande have taken seats on the startup’s board.
“That’s been the most exciting half, we’ll be capable of dive into each of their experiences,” Bamania noted.
Laplanche changed into ousted from Lending membership more than a yr ago after clashing with the board following falsified dates for loans and undisclosed conflicts of hobby. The U.S.-French businessman based the enterprise in 2006 and took it public in late 2014, but past this 12 months he launched a rival known as upgrade.
Bamania stated Laplanche plans to visit India always and will have a really hands-on function advising Rentomojo.
Fundings & Exits – TechCrunch