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Furniture rental start-up Rentomojo nears Rs 200 crore FY24 operating income, ET Retail

.Household furniture and electronics rental platform Rentomojo published operating income of nearly Rs 200 crore in the last fiscal year as the Bengaluru-based provider took advantage of folks coming back to place of work after the pandemic.Rentomojo-- the champion of The Economic Times Startup Awards 2024 in the Comeback Youngster type-- disclosed a 60% rise in operating revenue to Rs 193 crore in FY24, according to its own monetary outcomes submitted with the Registrar of Companies. Controlled rise in costs throughout the year viewed net profit rise greater than threefold to Rs 22 crore final economic from Rs 6 crore in FY23. It uploaded a revenues before interest, income taxes, deflation and also amortisation (Ebitda) of Rs 65 crore during the year. Rentomojo's creator and also ceo Geetansh Bamania told ET that in the course of FY24, the provider took steps to enrich using computerization, leading to major price financial savings." Our company have actually scaled quickly through leveraging computerization in a really higher operationally extensive company and also regimented cost control, permitting sustainable growth as well as boosted productivity," he stated." The first thing that we trifled with on existed used to become a manual team that utilized to sit and verify these individuals. Little by little as well as progressively, that's currently entirely automated and occurs in a minute," Bamania added. ET on September 26 reported that Rentomojo is actually preparing to file for a going public (IPO) in the next 18 months.Founded in 2015 by Bamania and also Ajay Nain, the organization functions in 19 metropolitan areas along with around 30 offline stores. Nain vacated the firm in 2018. The provider is targeting a 40-50% development in its own income in FY25, Bamania claimed. "Our team are in fact on a terrific momentum this year. It ought to continue the very same product lines as last year on its own our Ebitda and also web earnings must very much increase by concerning 40-50%," he pointed out. On February 21, the Bengaluru-based company increased Rs 210 crore in a late-stage backing around led through Edelweiss Revelation. As of March 31, the business claimed it possessed an occupation fee of 84%-- meaning 84 of every 100 products it has, have been actually leased to its customers. Rentomojo possessed virtually 400,000 products since FY24-end contrasted to 291,000 a year back. In July 2023, Rentomojo's biggest competition Furlenco was gotten through Sheela Foam, which has preferred cushion brand Sleepwell.
Posted On Oct 14, 2024 at 08:31 AM IST.




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