SUMMARY
- Rentomojo’s revenue from operations surged to Rs 193 crore in FY24.
- Its total costs amounted to Rs 174 crore in FY24, rising 48.7% from FY23.
- Rentomojo saw a 3.6x rise in profits, hitting Rs 22 crore in FY24.
Rentomojo‘s revenue from operations surged to Rs 193 crore in FY24, a 60% jump from Rs 121 crore in FY23, as per its annual financial reports.
Established in 2015, Rentomojo operates in 19 cities and has around 30 physical stores. The company’s main source of income is from renting out furniture. It also earned Rs 3 crore from the interest on deposits, raising its total income to Rs 196 crore for the year under review.
18% of the company’s total expenses went to employee benefits, which saw a 34.8% increase to Rs 31 crore in FY24. Property rent and provisions for potential bad debts were Rs 10 crore and Rs 13 crore, respectively.
Rentomojo’s advertising, information technology, logistics, storage, subcontract labor, and other operational costs amounted to Rs 174 crore in FY24, rising 48.7% from FY23.
The significant increase in scale and efficient cost management enabled Rentomojo to see a 3.6x rise in profits, hitting Rs 22 crore in FY24, from Rs 6 crore in FY23. Its ROCE and EBITDA margins were both positive at 19.65% and 33.67%, respectively. On a per-unit basis, it spent Rs 0.90 to generate Rs 1 of operating revenue in FY24.
The Geetansh Bamania-led company has secured over Rs 650 crore from various funding sources, including its latest $25 million investment led by Edelweiss. Key investors include Accel, Chiratae Ventures, and Bain Capital.
Rentomojo faces competition from Furlenco, Rentickle, Cityfurnish, and to a certain extent, Pepperfry. Media reports suggest that the firm is in the process of going public through an initial public offering (IPO) within the next 18 months.
