Rentomojo, an India-based home furnishing serfvice, has announced that it has received a $2 million “pre-series A” investment from growth equity firm Accel Partners and IDG Ventures. As part of the deal, Venkatesh Peddi (IDG Ventures) and Prashanth Prakash (Accel Partners) will join Rentomojo’s board.
The company plans to use the funds to expand operations, hire people and boost marketing campaigns. The India-based startup said that it works similarly to an on-demand marketplace for home furniture and appliances.
Founded in 2014 by ITT Chennai alumni Geetansh Bamannia and Ajay Nain, Rentomojo is a privately-held company that offers online rental service helping people set up their home at much easier and affordable rate. In addition to furniture, appliances (kitchen and home utility), the company also allows you to rent two-wheelers and adventure equipments.
With this fresh capital, Rentomojo plans to expand to six more cities over the next two quarters. Last year, the startup has raised seed capital from London-based investors.
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