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Rentomojo raises $25 Mn led by Edelweiss

EntrackrEntrackr · 1y ago
Rentomojo raises $25 Mn led by Edelweiss
Medial

Rentomojo, a furnishing rental brand that provides furniture, appliances, and fitness categories on a monthly rental basis, has secured an investment of Rs 210 crore (approximately $25 million) in its ongoing Series D and D1 round. The round is led by Edelweiss Discovery Fund Series – I, with participation from existing investor Chiratae Growth Fund, as well as Magnetic, founded by Rajeev Chitrabhanu. The firm last raised Rs 145 crore as a part of Series C round in November 2021. This latest round of funding from investors serves as a launchpad, propelling the company to continue to lead the creation of the appliances and furniture rental category in India, said the company’s founder and CEO Geetansh Bamania. Headquartered in Bengaluru, Rentomojo operates in 16 cities and has served close to 450,000 customers since its inception. The company has also built relationships with most of the prominent lenders across the country to serve the increasing demands of the increasing customer. In addition to its focus on an online channel, Rentomojo has established offline experience centers across all major pin codes of Bengaluru. Rentomojo claims to have been profitable for the last 10 quarters. As per startup data intelligence platform TheKredible, Rentomojo registered a revenue of Rs 121 crore in FY23 compared to Rs 98.6 crore in FY22. During the period, the firm turned profitable with Rs 6.19 crore profit against Rs 13.5 crore loss in the previous fiscal year. It competes with Furlenco, Rentickle, Cityfurnish, and to some extent Pepperfry. In July last year, Sleepwell-parent Sheela Foam signed an agreement to acquire 35% stake in Furlenco. The deal roughly values the Bengaluru-based company at around Rs 857 crore (over $100 million). Pepperfry also raised $23 million in September last year and announced the appointment of new CEO following the demise of the company’s long-time CEO Ambareesh Murthy.

Wow! Momo raises $9 Mn more in Series D round

EntrackrEntrackr · 1y ago
Wow! Momo raises $9 Mn more in Series D round
Medial

Quick service restaurant chain Wow! Momo has raised Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners. With this, the firm has raised Rs 480 crore ($51 million) in Series D which includes Rs 270 crore primary and Rs 210 crore secondary. As per a media report, Indian Angel Network and Lighthouse Funds participated in the secondary purchase. Wow! Momo scooped up Rs 350 crore (approximately $42 million) in the first tranche of Series D round led by Khazanah Nasional Berhad in January this year. The company was valued at over $300 million as per startup data intelligence platform TheKredible. As per the company, the new proceeds will be used for growth and expansion of the quick service restaurant brand, strengthening the distribution and research and development for the FMCG arm. The firm entered the FMCG segment in July 2021. Launched by Sagar Daryani & Binod Homagai, 16-year-old Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China and Wow Chicken. The firm claims to have 630 outlets across 38 cities and directly employs 6,000 people. The company aims to expand with an additional 200 outlets during the ongoing fiscal year (FY25). Wow! Momo aims to reach a topline of Rs 650-700 crore this fiscal year (FY24), up from Rs 435 crore in FY23. While the firm is yet to file its financial statements for the last fiscal year (FY23), its revenue from operations grew two-fold to Rs 220 in FY22 from Rs 106 crore in FY21.

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