RentoMojo raises $10M from Bain Capital Ventures and Renauld Laplanche

Bangalore based furniture and consumer durables rental startup RentoMojo has raised $10 million in Series B funding from private equity investor Bain Capital Ventures and fin-tech entrepreneur Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated in the round and contributed 20-30 percent of the fund and increased their share in the firm.

RentoMojo, founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain offers a variety of services and goods on rent, be it furniture like dining sets, coffee tables, and beds or electronics like a washing machine, refrigerator, microwave oven and much more. The startup allows users to rent furniture or electronics for at least three months.

“Bain  Capital coming in at this stage and Renaud’s faith in us is a big confidence booster. I think people will now move from seeing us an e-commerce company to a fin-tech consumer leasing firm,” Bamania said. RentoMojo has also brought on board Renaud Laplanche, who founded peer to peer lending startup Lending Club and led the US firm to its initial public offering in 2014. He joins the board along with Bain Capital Ventures managing director Salil Deshpande.

Geetansh Bamania, chief executive of RentoMojo, said the funds will be used for improving the user experience, as well as for building a strong team by hiring at the leadership level.

“In India’s credit-constrained economy, RentoMojo has built a defensible beachhead in multiple categories in an underserved sector in the subscription economy, with a capital-efficient two-sided marketplace, no balance-sheet risk and network effects at scale,” Bain Capital’s Salil Deshpande said in a statement.

Bamania also added that RentoMojo plans to enter into new categories for leasing over the next few months.