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Furniture and appliance rental platform Rentomojo has filed its draft red herring prospectus (DRHP) with SEBI, seeking to raise INR 150 crore through a fresh issue of shares as part of its initial public offering (IPO).
According to the filing, the IPO will consist of a fresh issue of equity shares worth INR 150 crore and an offer for sale (OFS) of up to 2.84 crore equity shares by existing shareholders.
Accel India is expected to lead the OFS, planning to sell 78.46 lakh shares. Chiratae Ventures will offload 44.9 lakh shares, while ValueQuest S.C.A.L.E Fund and Edelweiss Discovery Fund will sell 27.13 lakh and 32 lakh shares, respectively.
Founder Geetansh Bamania will also participate in the OFS, along with other investors such as Madison India Opportunities and GMO. The company is also considering a pre-IPO placement of INR 30 crore ahead of the public issue.
Axis Capital, Motilal Oswal and IIFL Capital have been appointed as the merchant bankers for the IPO, while KFin Technologies will act as the registrar.
The company plans to use the proceeds from the fresh issue to repay outstanding borrowings, meet lease rental and licensing fee obligations for warehouses and experience centres and support general corporate purposes.
Founded in 2014 and headquartered in Bengaluru, Rentomojo operates in the consumer technology and lifestyle segment, offering furniture, appliances and products such as water purifiers on a rental basis. It currently serves more than 2.2 lakh active subscribers and manages over 7.7 lakh rental items. The company has a presence in 23 cities and operates 71 experience stores.
As per the DRHP, Accel India is the largest shareholder with a 20.92% stake, followed by Bamania with 14.69% and Chiratae Ventures with 13.69%. Edelweiss Discovery Fund holds 10.53%, while ValueQuest S.C.A.L.E Fund owns 8.92%.
Rentomojo has raised over INR 650 crore across multiple funding rounds, including a USD 25 million investment led by Edelweiss in February 2024.
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