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Rentomojo sets stage for IPO with public entity conversion

EntrackrEntrackr · 6d ago
Rentomojo sets stage for IPO with public entity conversion
Medial

Rentomojo sets stage for IPO with public entity conversion Furniture and appliance rental platform Rentomojo has converted itself into a public limited company ahead of its planned initial public offering (IPO). The company’s board and shareholders have approved the conversion of “Rentomojo Private Limited” into “Rentomojo Limited” by deleting the word “Private” from its name through a special resolution, according to regulatory filings accessed by Entrackr. The development comes as the Bengaluru-based company has reportedly begun preparations for its IPO and is eyeing a public listing around FY27. Founded in 2014, Rentomojo operates at the intersection of consumer tech and lifestyle, offering furniture, appliances, and newer categories such as water purifiers on a rental basis. The company currently serves over 2.2 lakh live subscribers, manages more than 7.7 lakh rental items, and operates across 23 cities through 71 experience stores. In its FY25 press release, the company said that its net rental revenue grew at a CAGR of 48.24% between FY23 and FY25, while EBITDA increased to Rs 118.41 crore in FY25 from Rs 78.23 crore in FY24, reflecting improved operating leverage. Rentomojo has raised over Rs 650 crore across multiple funding rounds, including its latest $25 million round led by Edelweiss. Notable investors in the company include Accel, Chiratae Ventures, Bain Capital, along with Edelweiss Discovery Fund and ValueQuest S.C.A.L.E. Fund. The company is also supported by several banks and NBFCs. The company reported operating revenue of Rs 266 crore in FY25, up 38% from Rs 193 crore in FY24, while its net profit surged 92% to around Rs 43 crore during the same period.

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Exclusive: Lenskart sets stage for IPO with public entity conversion

EntrackrEntrackr · 9m ago
Exclusive: Lenskart sets stage for IPO with public entity conversion
Medial

Exclusive: Lenskart sets stage for IPO with public entity conversion Lenskart's board has passed a special resolution to change its parent company’s name from Lenskart Solutions Private Limited to Lenskart Solutions Limited, according to the company's filings. It looks like omnichannel eyewear retailer Lenskart’s draft red herring prospectus (DRHP) is around the corner, as the company has converted from a private to a public entity following board approval. Media reports suggest that Lenskart aims to raise $1 billion via a mix of primary and secondary capital, targeting a valuation of $10 billion in its Initial Public Offering (IPO). In June 2024, Lenskart secured $200 million through a secondary funding round, followed by a $20 million investment that included participation from founder Peyush Bansal. Over the past 18 months, the company has raised nearly $1 billion and was valued at $5 billion during the secondary deal. Recently, early investor Fidelity marked up Lenskart’s valuation to $5.6 billion. As of last year, Lenskart operated more than 2,500 stores worldwide, with about 2,000 in India. The company earned 42% of its revenue from international markets during FY24. Japan, Singapore, Taiwan (province of China), and Thailand are among its overseas markets. Lenskart’s revenue from operations rose by 43% to Rs 5,427.7 crore in FY24 from Rs 3,788 crore in FY23. During the period, the company reduced its losses by 84% to Rs 10 crore in FY24 from Rs 63 crore in FY23. The company’s FY25 result has yet to be reported.

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO

EntrackrEntrackr · 1y ago
Exclusive: Shiprocket converts to public entity ahead of 2025 IPO
Medial

Exclusive: Shiprocket converts to public entity ahead of 2025 IPO Logistics and supply chain enabler Shiprocket is gearing up for a definitive initial public offering (IPO) plan in 2025, taking its first major step toward public listing by converting it into a public entity. The board at Shiprocket has approved a resolution to change its status to a public company and rename it from “Shiprocket Private Limited” to “Shiprocket Limited”, as per its regulatory filing. The conversion into the public entity has come a month after raising $26 million in its Series E round led by KDT Ventures, with participation from MUFG Bank, Tribe Capital, and SAI Global. The company will likely raise more capital in its pre-IPO round. Shiprocket reportedly plans to raise between Rs 2,000-2,500 crore through its IPO, which will include both primary components and an offer for sale (OFS). According to media reports, the company has enlisted Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the offering. Founded by Saahil Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket is a logistics and supply chain platform that enables businesses to streamline shipping through courier integration, real-time tracking, and automated solutions. Shiprocket has raised over $320 million to date and is valued at $1.21 billion. According to the startup data intelligence platform TheKredible, Bertelsmann Nederland B.V is the largest external stakeholder followed by Tribe. Zomato, Temasek, LightRock, and Paypal are other notable investors in Shiprocket. During the fiscal year ending March 2024, the company recorded a 21% year-on-year increase in revenue, reaching Rs 1,316 crore, while its losses stood at Rs 595 crore for the same period. It competes with Unicommerce which recently acquired Shipway, along with other players such as Shipyard.

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