Rentomojo, a furniture and appliance rental company, reported a 60 per cent year-on-year (YoY) revenue growth to ₹193 crore in FY24, from ₹121 crore in FY23. Their profit after tax (PAT) surged 256 per cent, to ₹22 crore from ₹6 crore in the previous year.
The start-up had recorded flat growth in FY22 and FY23; however, it tripled its profits in FY24, driven by operational efficiency and a strong focus on automation, according to Geetansh Bamania, Founder and CEO of Rentomojo.
The founder attributes the disciplined cost management, along with longer average subscription periods and high repeat rates, as key contributors of sustainable growth and increased profitability.
The EBITDA of the start-up grew by 142 per cent y-o-y to ₹66 crore, and the gross revenue increased by 60 percent to ₹228 crore. Signalling strong customer demand and effective occupancy levels of items, Rentomojo’s growth was driven by a 45 per cent y-o-y increase in average items deployed, added the company in a release.
Founded in 2015, the Bengaluru- headquartered company operates in over 19 major cities, Rentomojo has served over 400,000 customers with hassle-free, commitment-free living options. With an online-first approach and a network of offline experience centres and warehouses across India, it offers flexible, cost-effective rental solutions for consumer appliances and furniture. Rentomojo is backed by marquee investors such as Accel, Chiratae Growth Fund, Edelweiss Discovery Fund, and ValueQuest S.C.A.L.E. Fund, and supported by strategic partnerships with major lenders, including leading banks and NBFCs.