Rentomojo remains committed on delivering lasting and exponential value for all its stakeholders
Mumbai: Rentomojo, India’s leading furniture and appliance rental company, has announced its FY23-24 financial results, delivering standout growth across key metrics. Total net revenue grew 60% YoY to INR 193 crore, whereas gross revenue (incl. GST), grew by 60% to INR228 crore. EBITDA grew by 142% YoY to INR 66 crore reflecting strong operational efficiencies while scaling an occupancy led business. Profit after tax (PAT) jumped 256% to INR 22 crore, a 3.6x from INR 6 crore in the previous year. Normalized PAT, excluding extraordinary items, stood at INR 28 crore.
Signalling strong customer demand and effective occupancy levels of items*, Rentomojo’s growth was driven by a 45% YoY increase in average items deployed.
“Our FY23-24 performance underscores Rentomojo’s ability to drive growth through operational efficiency and very high focus on automation,” said Geetansh Bamania, Founder and CEO, Rentomojo. “We’ve scaled rapidly by leveraging automation in a very high operational intensive business and disciplined cost management, enabling sustainable growth and increased profitability. With the next few decades expected to be marked by high economic growth driven by urbanization and rising opportunities in metros and Tier 1, 2 cities for young, mobile Indians, we remain bullish on the shift toward flexible solutions over ownership. The future of living is flexibility, and Rentomojo will continue leading it.”
In addition to strong customer demand and effective occupancy levels of items, the company’s financial performance was bolstered by:
§ Longer average subscription periods, high repeat rates and high focus on superior consumer experience, resulting in recurring revenue streams being strengthened.
§ Non-committal subscription models, enhanced customer support, and bundled service offerings like free relocation and free repair, all of which resulted in becoming the company’s strategic competitive differentiators (over ownership models).
Rentomojo remains committed on delivering lasting and exponential value for all its stakeholders.
The company is led by Geetansh Bamania (Founder and CEO), alongside a seasoned management team. It 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. Rentomojo has secured a strong liquidity base to meet the expanding demands of its growing customer base.