Founded in 2012, Rentomojo operates India's largest technology-driven direct-to-consumer rental platform for home furniture and appliances, sustaining a circular multi-cycle refurbishment engine across 22 cities. The company purchases durable household goods, leases them to urban consumers on flexible monthly contracts, and repeatedly refurbishes and redeploys returned items to extract cash flows across the full physical life of each asset.
At a glance
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| Scale | Revenue grew from ₹120.10 cr (FY23) to ₹265.96 cr (FY25) and ₹176.61 cr in 6M FY26 |
| Business mix | Rental services (93.68%), delivery/installation (2.38%), other charges (3.94%) in 6M FY26 |
| Market position | 42% to 47% subscription revenue share in organised furniture/appliances rental (FY25) |
| Footprint | 21 warehouses (444,486 sq. ft.) and 67 experience stores across 22 Indian cities |
| Customers & concentration | 227,511 live subscribers; zero dependency on single or small group of customers |
| Revenue model | Recurring monthly postpaid subscription rentals with 18.82-month average tenure (FY25) |
| The Offer | ₹150 cr fresh issue plus 28,399,567 OFS shares; Promoters selling alongside funds |
Business segments
Two complementary subscription engines spanning core furniture and appliance rentals alongside high-frequency private-label water purifier subscriptions.
1. Core furniture and large appliances: the multi-cycle rental engine
Monetises residential furniture and white goods across repeated multi-year subscriber deployments on a 10-year useful life asset pool.
- Long-term revenue generation - Durable assets continue yielding returns over multiple years, with 56.88% of FY17 and 61.86% of FY18 cohorts still generating rental revenue after eight years of deployment.
- Broad product catalog - It manages 728,773 live items covering bedroom, living, dining, and home office furniture alongside appliances like split air conditioners and refrigerators.
- Contract manufacturing partnerships - The company partnered with Dixon Technologies to manufacture 'Zenovi by Mojo' private-label refrigerators, washing machines, and televisions, improving procurement control.
- Consistently high utilization - Maintained average rental occupancy exceeding 80% across FY23, FY24, FY25, and the first half of FY26 because reverse logistics swiftly return products to active contracts.
- Full balance sheet ownership - Ceased third-party sale-and-leaseback models in FY24 to retain 100% asset ownership on its balance sheet, retaining all recurring cash flows.
2. Water purifier subscriptions: zero-friction utility rentals
Captures entry-level urban renters through low monthly price points bundled with automated maintenance.
- Rapid volume expansion - The fleet of onboarded purifier units expanded at a 590.39% CAGR between FY23 and FY25 as water purification emerged as an essential entry hook for urban renters.
- Cost advantage over bottled water - Offers proprietary purifiers at ₹391 per month, creating an economical alternative to the ₹25,530 spent on average for a two-year bottled water supply.
- Frictionless servicing - Dispatches automated filter replacements every six months triggered by internal systems at no added cost, which prevents subscriber churn caused by maintenance friction.
- Specialized OEM sourcing - Procures units directly under original equipment manufacturer (OEM, the manufacturer that builds the final product) agreements with Sarjan Watertech and Genpure Zheng Filters.
In-house refurbishment and reverse logistics platform
Orchestrates reverse logistics, ML risk scoring, and refurbishment to cycle recovered assets back to live occupancy.
- End-to-end service orchestration - The proprietary Mojodesk ticketing platform managed 1,209,160 customer touchpoints across 11 lifecycle stages in FY25, automating task routing and escalation.
- Extensive restoration capacity - A field and warehouse workforce of 1,688 technicians, carpenters, and painters completed 1,375,268 cumulative asset restorations to bring returned goods back to mint condition.
- Compressed fulfillment cycles - The MojoVaahan route-planning system reduced average customer delivery turnaround from 4.06 days in FY23 to 2.54 days in the first half of FY26.
Monthly postpaid contracts with multi-year asset retention
- High collection efficiency - Invoices subscribers on the final day of each month with a 10-day payment window, delivering a 98.32% collection realisation efficiency in the first half of FY26.
- Expanding customer spend - Repeat subscriber orders accounted for 52.18% of total orders in the first half of FY26, while average products held per active user expanded to 2.75 items.
- Substantial contracted visibility - Total contracted subscription commitments reached ₹412.86 cr by September 2025, including ₹229.43 cr in unrecognised future billings scheduled over ongoing tenures.
- Ancillary revenue protection - Collects monthly optional damage protection fees alongside end-of-tenure quality assessment charges on returned inventory.
Urban mobility driving home asset rental penetration
Indian furniture and appliances rental TAM projected to reach ₹117,210 cr ($13.8B) by CY2030.
- Urban relocation tailwinds - Expanding white-collar migration and a semi-furnished rental housing share of 55% drive flexible home setup demand among young urban households.
- Category market lead - Controls between 50% and 55% of all active subscribers across the organised non-purifier rental category as of September 2025.
- Direct competitive set - Operates against organised home and appliance rental players including House of Kieraya, CityFurnish, AVA Lifestyle, Livpure Smart, and Waterwala.
Single operational core with one newly incorporated unit
| Entity | Stake | What it adds |
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| Liber Designs Private Limited | 100.00% | Wholly owned subsidiary incorporated November 2024 to design and assemble furniture; 1 share held by Promoter Geetansh Bamania as nominee |
Debt reduction and warehouse lease pre-funding
- Prepaying bank debt - ₹70 cr of fresh issue proceeds will be used to prepay term loans from IDFC FIRST Bank, extinguishing 38.98% of total outstanding borrowings.
- Securing facility leases - Allocates ₹42.5 cr to pre-fund upcoming lease and license payments across 21 distribution warehouses and 67 retail experience stores through FY29.
- Post-listing board alignment - Special private equity governance privileges, information access, and board observer seats terminate on listing, while the Promoter retains two board seats.
Worth keeping in mind
- 6M FY26 restated PAT of ₹61.38 cr was inflated above PBT (₹28.53 cr) by a ₹32.84 cr net deferred tax credit
- Prospectus disclosures use standalone financials for Rentomojo while peer comparisons use consolidated figures
- None of the ₹150 cr fresh issue fund deployments have been appraised by banks or independent agencies
- FY25 other income included ₹1.16 cr from an insurance settlement for a 2021 Mumbai warehouse fire
- Statutory auditors recorded CARO observations for FY25 and matters of emphasis for FY23 Ind AS accounts
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