Bangalore-based Edunetwork Pvt Ltd, which operates home appliances and furniture rental marketplace RentoMojo, has raised $5 million from existing investors including Accel Partners and IDG Ventures India according to TechCircle.
The new funding round comes after the startup last year raised $2 million in pre-Series A funding from Accel Partners and IDG Ventures.
It is a marketplace that offers furniture, furnishings, appliances and other home verticals that house hunters can book at affordable rentals. It works on an asset-light model, and makes anything from 40-50% of the rental fee as commission on every booking, with the rest going to the vendor. Customers need to submit identification and address proof, besides a security deposit.
Rentomojo was founded in November 2014 by IIT Madras graduates Geetansh Bamania and Ajay Nain. The startup allows users to rent furniture, home furnishings and appliances for at least three months. It operates in Bengaluru, Mumbai, Delhi NCR and Pune. The startup employs 50 staffers.
It claims to have about 4,500 subscribers on its platform and is targeting 1-1.5 lakh subscribers in the next 18 months.
IDG Ventures is a global family of venture funds with approximately $3.6 billion under management, over 200 investers companies and 10 offices across Asia and North America. team companies include Flipkart, Myntra, Lenskart and Yatra.com