RentoMojo is an online rental service startup that announced a 59.3 percent increase in operational revenue to Rs 193 crore in FY24. The startup provides multi-category home improvement products including appliances, furniture, and electronics. The furniture rental services are the company’s major source of revenue. Rentomojo is an online platform that offers its customers appliance package products and furniture.
Entrackr mentioned in its report that the firm also earns revenue through commissions and interest on deposits. The income from interest on deposits generated Rs 3 crore and increased total revenue to Rs 196 crore in FY24. The home appliance rental company and furniture accounted for 48.7 percent of the total expenses and stood at Rs 174 crore in FY24.
The company has secured over 93.2 million USD across multiple funding rounds since its inception, including the $25.3 million raised from the firm’s existing investor Edelweiss Discovery Fund and Magnetic during its series D funding round. The data intelligence platform, tracxn posted a post-money valuation of $110 million for FY24.
The company claims to have an in-house logistic team and provides installation services. The startup controlled its cost management and posted a 60 percent growth in scale. The employee benefits increased by 34.8 percent to Rs 31 crore in FY24 compared to the last financial year.
The rent expenses stood at Rs 10 crore while provisions for doubtful debts were at Rs 13 crore in FY24. The logistics, warehousing, information technology, outsourced labor, and other expenses increased by 48.7 percent to Rs 174 crore in the same duration. The total expenditure of the firm increased by 48.7 percent to Rs 174 crore in this financial year.
The rental platform posted a 266.7 percent increase in its losses to Rs 22 crore in this fiscal year. The company offers its services in 19 cities across 30 offline stores. The increased employee benefits and rental services increased its losses for this financial year.
The startup receives its investment from other investors including Bain Capital, Accel, and Chiratae Ventures. The EBITDA margin also stood at 33.67 percent while the ROCE was around 19.65 percent. The startup faces competition from other rental service offering platforms such as CityFurnish, Furlenco, and Rentickle.
Conclusion :
Rentomojo is an online rental platform that announced a 59.5 percent increase in its operational revenue to Rs 193 crore in FY24. This online platform provides multi-category home improvement solutions like furniture, appliances, and electronics.
The furniture rental services and interest on deposits are the firm’s primary sources of revenue. The loss also saw a 266.7 percent increase to Rs 22 crore in FY24. The total expenditure of the firm saw an increase of 48.7 percent and crossed Rs 174 crore in the same duration.
The legal, reinsurance premiums, employee benefits, and other expenses brought total expenditure to Rs 174 crore. The company has secured over Rs 650 crore across multiple funding rounds to date. Rentomojo competes with other companies including GuaRented, CityFurnish, and others.
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