Consumer leasing company, RentoMojo has raised $10 million in Series B from Bain Capital Ventures and Renaud Laplanche. Existing investors Accel Partners and IDG Ventures also participated. Salil Deshpande, Managing Director at Bain Capital Ventures, who appears on the Forbes Midas List of the 100 best-performing venture investors for the 5th year in a row, and was a Series A investor in Lending Club, joins RentoMojo’s board. Renaud Laplanche, co-founder and CEO of Upgrade, the founder and ex-CEO of Lending Club also joins RentoMojo’s board.
The company plans to use freshly infused funds to further strengthen the product, finish building a stellar leadership team, and expand into new categories and geographies.
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 – said Deshpande Commenting on the development
Founded by IIT alumnus Geetansh Bamania, Gautam Adukia, Achal Mittal, and Ajay Nain, RentoMojo is a first-of-its-kind consumer product leasing business that raises lease-capital from financial institutions for products rented to consumers for long-term periods, typically 18 months. Prior to this financing, RentoMojo had raised a total of $7 million in Seed and Series A from Accel Partners and IDG Ventures.
In the last ten years, I’ve met more than a hundred companies implementing some variation of marketplaces for credit, lease, or rental in some region of the world. RentoMojo is hands down the most impressive I’ve seen in terms of clarity of vision and business model, early execution that already generates amazing economic returns and a pretty straight path to making it a very big business capable of changing the lives of millions of people – said Laplanche
Since its inception in 2014 RentoMojo has expanded to Pune, Mumbai, Bangalore, Delhi, Chennai and Hyderabad, with more than 25,000 subscribers on the platform. It is founded with a vision to provide credit infrastructure that evolves and adapts to people’s changing lifestyles. They currently offer leases for furniture, appliances, and bikes, with new categories coming.
India is credit-constrained. We have consumer lending, but not consumer leasing. We believe that the leasing value-proposition is stronger than lending, especially for today’s youth which opts to pay as they use, rather than buying. Innovation is at the core of everything we do. Salil’s and Renaud’s faith in us has further boosted our confidence that we are creating something very valuable. I urge folks looking to do something innovative in this sector to join us in creating a proposition that has never existed before – said Geetansh Bamania, CEO and Founder, RentoMojo.
Bain Capital Ventures has helped launch and commercialise more than 200 companies since its founding in 2000. With $3.6 billion under management, the firm focuses on a mix of early- and growth-stage investments across enterprise software, infrastructure software, fintech, and industries being transformed by data. In the last 12 months, the firm had three exits over $1 billion — Jet.com (Walmart), Blue Coat Systems (Symantec) and SquareTrade (Allstate). Recent new and follow-on investments include Signifyd, Frame, Sendgrid, Redis Labs, OpenFin, Sysdig, Roofstock, DocuSign and Tealium.
Source : indianweb2