Rentomojo, India’s leading furniture and appliance rental company, has posted impressive financial results for FY23-24, reporting significant growth across key financial metrics. The company’s net revenue surged 60% year-on-year (YoY) to INR 193 crore, while gross revenue (including GST) also grew by 60% to INR 228 crore. Rentomojo’s EBITDA saw a remarkable 142% YoY increase to INR 66 crore, reflecting strong operational efficiencies. The company’s profit after tax (PAT) skyrocketed by 256% to INR 22 crore, a 3.6x jump from INR 6 crore in the previous year. Excluding extraordinary items, the normalized PAT stood at INR 28 crore.
This financial growth was driven by a 45% YoY increase in average items deployed, highlighting Rentomojo’s strong customer demand and effective occupancy levels of its products.
Commenting on the stellar performance, Geetansh Bamania, Founder and CEO of Rentomojo, said, “Our FY23-24 performance underscores Rentomojo’s ability to drive growth through operational efficiency and very high focus on automation. We’ve scaled rapidly by leveraging automation in a very high operational intensive business and disciplined cost management, enabling sustainable growth and increased profitability. With the next few decades expected to be marked by high economic growth driven by urbanization and rising opportunities in metros and Tier 1, 2 cities for young, mobile Indians, we remain bullish on the shift toward flexible solutions over ownership. The future of living is flexibility, and Rentomojo will continue leading it.”
Rentomojo’s financial success was further bolstered by key factors such as longer average subscription periods, high repeat rates, and a strong focus on delivering a superior consumer experience. This led to strengthened recurring revenue streams. Additionally, the company’s non-committal subscription models, enhanced customer support, and bundled services—such as free relocation and free repair—became strategic competitive differentiators over traditional ownership models.
Founded in 2015 and headquartered in Bengaluru, Rentomojo is India’s largest rental company for consumer appliances and furniture. The company operates in over 19 major cities and has served more than 400,000 customers. With an online-first approach, supplemented by offline experience centers and warehouses across India, Rentomojo continues to offer flexible and cost-effective rental solutions for young, urban, and mobile consumers, contributing to the country’s growing circular economy.
Since achieving profitability in October 2021, Rentomojo has maintained strong unit economics while expanding both digitally and through physical touchpoints. The company’s focus on innovation, sound governance, and a tech-first approach has ensured consistent operational efficiency and exceptional customer experiences.
Backed by marquee investors such as Accel, Chiratae Growth Fund, Edelweiss Discovery Fund, and ValueQuest S.C.A.L.E. Fund, and with strategic partnerships with leading banks and NBFCs, Rentomojo is well-positioned to meet the expanding demands of its customer base. The company has secured a strong liquidity base to fuel its future growth.
Geetansh Bamania leads the company as Founder and CEO, alongside a seasoned management team, further strengthening Rentomojo’s position as a leader in India’s rental market.
About Rentomojo
Rentomojo, founded in 2015, is India’s largest furniture and appliance rental company. Headquartered in Bengaluru, the company offers flexible, commitment-free rental solutions to young, urban, and mobile consumers. With a strong presence across 19 cities and over 400,000 customers, Rentomojo is redefining the way Indians approach living, prioritizing flexibility over ownership.