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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.

Exclusive: Toothsi-parent makeO to acquire Apple Dental

EntrackrEntrackr · 15d ago
Exclusive: Toothsi-parent makeO to acquire Apple Dental
Medial

Exclusive: Toothsi-parent makeO to acquire Apple Dental MakeO, the parent of dental tech startup Toothsi and skincare brand Skinnsi, is set to acquire Andhra Pradesh-based Apple Oral and Dental Pvt Ltd (Apple Dental), according to regulatory filings reviewed by Entrackr. As per its filing with the Registrar of Companies (RoC), Toothsi’s parent, MakeO, will acquire 100% equity in Apple Dental for a total consideration of Rs 10.98 crore through a mix of cash and stock. Apple Dental will operate as a wholly owned subsidiary of MakeO. In addition, MakeO will extend a loan of Rs 1.5 crore to Apple Dental at an interest rate of up to 13%. Apple Dental operates a chain of dental clinics across 20 locations in Andhra Pradesh and Telangana. This acquisition comes as the company seeks to expand its offline presence beyond metro cities. Queries sent to MakeO remained unanswered at the time of publication. Recently, the Anushka Sharma and Virat Kohli-backed company raised Rs 100 crore (approximately $12 million) from its existing investors, including Siddharth Shah (Co-founder & CEO of PharmEasy), 360 One, Eight Roads Ventures, Paramark Ventures, and others. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi. In September 2022, it merged its flagship brands, Toothsi and Skinnsi to launch MakeO, offering dental, skin, and hair treatment solutions under a single platform. According to startup data intelligence platform TheKredible, the Mumbai-based company has raised over $100 million to date including $40 million raised in Series C round in May 2022. While the company has not yet disclosed its FY25 figures, its operating revenue in FY24 stood at Rs 179 crore, while losses narrowed by 32% to Rs 150 crore during the same period.

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