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Rentomojo, an online marketplace to rent furniture, home appliances and two-wheelers, has raised $2 million in Pre-Series-A funding from Accel Partners and IDG Ventures.
The Bengaluru-based firm will now count Venkatesh Peddi from IDG Ventures and Prashanth Prakash from Accel Partners as members of its board.
Founded by Indian Institute of Technology (IIT) -Madras graduates Geetansh Bamania and Ajay Nain, Rentomojo currently operates in Bengaluru, Mumbai, Delhi - National Capital Region and Pune.
“Both Geetansh and Ajay have demonstrated excellent execution focus and passion to build out a strong technology platform. Their platform is witnessing exponential growth and it is exciting to be part of this growth” said Venkatesh Peddi, Executive Director at IDG Ventures, in a statement.
Start-ups such as Airbnb and Uber have redefined traditional business models by providing on-demand access to services.
Rentomojo wants to do the same in the lifestyle space, allowing customers to rent rather than own furniture, home appliances and other kitchen and home utilities.
