Rentomojo Limited IPO

Founded in 2012 by Geetansh Bamania, Rentomojo is India’s largest technology-driven, full-stack direct-to-consumer (D2C) platform offering furniture and appliance rental and subscription solutions. Operating an integrated asset lifecycle model spanning procurement, refurbishment, servicing, reverse logistics, and multi-cycle redeployment, the company maintains over 80% occupancy rates. Its product portfolio comprises 728,773 live products across furniture and appliances, including leading brands such as Haier, Wakefit, and Livpure, alongside an expanding private-label portfolio. As of September 30, 2025, it served 227,511 live subscribers across 22 cities through an omnichannel platform with 67 experience stores and 21 warehouses.

Rentomojo Limited IPO Overview

Rentomojo Limited filed its DRHP with SEBI on March 27, 2026, for a book-built IPO comprising a fresh issue of up to ₹1,500 million and an offer for sale (OFS) of up to 2,83,99,567 equity shares by existing shareholders. The company may consider a pre-IPO placement of up to ₹300 million. Net proceeds from the fresh issue will be utilized for repayment/prepayment of certain outstanding borrowings (₹700 million), payment of lease rental/license fee for warehouses and experience stores (₹425 million), and general corporate purposes. The promoter, Geetansh Bamania, holds 62.74% pre-issue. Lead managers: Motilal Oswal Investment Advisors Ltd., Axis Capital Ltd., and IIFL Capital Services Ltd. Registrar: KFin Technologies Ltd. Listing on BSE and NSE. IPO dates, price band, and lot size are yet to be announced.

Rentomojo Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size
Fresh Issue	[.] shares (agg. up to ₹150 Cr)
Offer for Sale (OFS)	2,83,99,567 shares of ₹1 (agg. up to ₹[.] Cr)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	3,45,16,640 shares
Shareholding post-issue	TBA

IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Rentomojo Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Net Offer
Retail Shares Offered	Not more than 10% of the Net Offer
NII (HNI) Shares Offered	Not more than 15% of the Net Offer
Employee Reservation	Up to ₹5 Lakhs

Rentomojo Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹133.59
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	25.0%
Net Asset Value (NAV)	23.79
Return on Equity (RoE)	25.0%
Return on Capital Employed (RoCE)	16.3%
EBITDA Margin	45.0%
PAT Margin	34.6%
Debt to Equity Ratio	0.73x

Objectives of the IPO Proceeds

The net proceeds from the Fresh Issue are intended to be utilised as follows:

Particulars	Amount (₹ in million)
Repayment/prepayment of certain outstanding borrowings and accrued interest	700.00
Payment of lease rental/license fee for warehouses and experience stores	425.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price. General corporate purposes shall not exceed 25% of gross proceeds.

Rentomojo Limited Financials (₹ in million)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	5,503.76	4,498.65	3,661.95	1,789.55
Revenue from Operations	1,766.09	2,659.59	1,927.01	1,201.02
Profit After Tax	613.75	431.06	224.12	44.10
Reserves and Surplus	2,447.47	1,829.41	1,389.36	216.49
Total Borrowings	1,787.38	1,545.82	1,472.21	922.23
Total Liabilities (excluding equity)	3,049.56	2,662.55	2,265.90	1,567.37

Financial Status of Rentomojo Limited

Rentomojo Limited IPO Strengths

1. Consistently Profitable D2C Player Since Fiscal 2023

Rentomojo Limited has demonstrated consistent profitability since Fiscal 2023, driven by predictable recurring revenues and acyclical performance. Revenue from operations grew at a CAGR of 49% between Fiscal 2023 and Fiscal 2025, reaching ₹2,659.59 million, while Profit After Tax surged from ₹44.10 million to ₹431.06 million. The company’s high return on capital employed of 25.14% in Fiscal 2025 reflects efficient capital utilisation and disciplined operational management.

2. Leading Furniture and Appliance Rental Platform in India

Rentomojo is the largest player in India’s organised online rental segment for furniture and appliances, with an estimated market share of 42-47% based on subscription revenue in Fiscal 2025, excluding water purifiers. As of September 30, 2025, the company served 227,511 live subscribers across 22 cities, supported by a scaled service network of 21 warehouses spanning approximately 444,486 sq. ft. and 67 experience stores.

3. Integrated Multi-Stack Business Model Driving a Self-Reinforcing Flywheel

Rentomojo operates at the intersection of e-commerce, subscription, and re-commerce through an integrated multi-stack model. The company’s 11-touchpoint consumer lifecycle covers ordering, risk assessment, delivery, installation, collections, repairs, upgrades, relocations, transfers, pickup, and refund processing. This end-to-end integration enables high asset utilisation, with occupancy rates consistently above 80% across recent fiscals.

4. Proven Track Record of Extended Reuse During Asset Life Cycle

Rentomojo has demonstrated a proven track record of extended reuse during the asset life cycle, with consistent cohort returns. The company completed 474,886 refurbishments in Fiscal 2025, enabling multiple redeployments of assets across subscription cycles. This approach extends the useful life of assets, maintains high occupancy levels, and achieves capital efficiency. The average subscription tenure of approximately 18 months and repeat usage of over 45% drive stable cash flows.

5. Proprietary Technology Stack Seamlessly Facilitating End-to-End Operational Integration

Rentomojo’s proprietary technology architecture includes “Mojodesk,” a full-stack multi-touchpoint ticketing management system that orchestrates all consumer interactions and operational workflows. The platform also features “MojoVaahan,” a route-optimisation engine that generates efficient paths for logistics. The company’s ML-driven risk assessment engine evaluates customer applications using a proprietary credit and traceability scoring framework, continuously improving predictive accuracy and strengthening portfolio quality.

6. Founder-Led Company with Professional Management and Marquee Shareholders

Rentomojo is led by founder Geetansh Bamania, who has over 14 years of experience and holds a master’s degree from IIT Madras. The leadership team is strengthened by experienced professionals across finance, technology, and operations. The company is backed by marquee institutional investors, including Accel (20.92%), ValueQuest (8.92%), Edelweiss (10.53%), and Chiratae (13.45%).

Other IPO Pages Linking

1. More About Rentomojo Limited

Rentomojo Limited, founded in 2012 by Geetansh Bamania, has evolved from a furniture rental startup to India’s largest technology-driven subscription platform for home furniture and appliances.

2. Business Model and Operations

A. 11-Touchpoint Consumer Lifecycle
Order, risk assessment, delivery, installation, monthly collections, relocation, repairs, upgrades, subscription transfers, reverse logistics, and refunds.

B. Integrated Multi-Stack Model
Combines subscription, e-commerce, and re-commerce, enabling high asset utilisation and capital efficiency.

C. Omnichannel Platform
Digital interface complemented by 67 experience stores across India as of September 30, 2025.

D. Warehousing Network
21 warehouses spanning approximately 444,486 sq. ft. of warehousing space.

3. Product Portfolio and Subscriber Base

A. Live Products
728,773 products across furniture and appliances including beds, sofas, wardrobes, refrigerators, washing machines, and water purifiers.

B. Brand Partnerships
Leading brands such as Haier, Wakefit, Livpure, and Duroflex, along with an expanding private-label portfolio.

C. Live Subscribers
 227,511 as of September 30, 2025, across 22 cities.

D. Customer Base
Serves individuals, families, and corporate clients across India.

4. Technology Infrastructure

A. Mojodesk
Proprietary ticketing management system orchestrating all consumer interactions and operational workflows.

B. MojoVaahan
Route-optimisation engine for efficient logistics, minimising downtime and maximising truck-fill rates.

C. ML-Driven Risk Assessment
Proprietary credit and traceability scoring framework evaluating customer applications.

D. Asset Intelligence Engine
Integrates real-time warehouse availability, refurb-readiness signals, and micro-market demand forecasting.

5. Financial Highlights

A. Revenue CAGR of 49% between Fiscal 2023 and Fiscal 2025.

B. Consistently profitable since Fiscal 2023.

C. PAT of ₹431.06 million in Fiscal 2025 and ₹613.75 million in H1 Fiscal 2026.

Industry Outlook

India’s furniture and appliance rental market is witnessing unprecedented growth, driven by urbanisation, rising job mobility, and a structural shift from ownership to access-based consumption. According to a Redseer report cited in Rentomojo’s DRHP, India’s organised home furnishing rental market grew from ₹350 crore in 2021 to ₹1,550 crore in 2025, at a remarkable CAGR of 45%.

1. Market Size and Projections:

A. The total addressable market for home furniture and appliance rentals is estimated at ₹69,520 crore as of 2025.

B. India’s furniture and appliances market is valued at approximately ₹4.27 trillion in 2025, with rental still a low-penetration but rapidly growing category.

C. The rental home furniture and appliances market is expected to grow at a CAGR of about 11% to reach approximately ₹1.17 lakh crore by CY2030.

2. Key Growth Drivers:

A. Urbanisation and Job Mobility
Average metro tenancy shrank from 1.8 to 1.3 years between CY2021 and CY2025 as job switching accelerated at roughly 22% CAGR, per EPFO data analysed by Redseer.

B. Cost Advantage
Furnishing a one-bedroom apartment in India costs 8-9 months of average income, against 1-4 months in the US, Japan or South Korea.

C. Cultural Shift
Society is consistently moving away from ownership towards access over ownership, from music CDs to streaming, to homes and furniture.

D. Acyclical Demand
Rental demand expands both during slowdowns (consumers defer high-value purchases) and growth periods (job mobility and urban migration rise), creating structural resilience.

3. Consumer Trends:

A. Google keyword data shows ‘buy furniture’ searches declining 10% in 2025 while ‘rent furniture’ queries grew 14% in operating cities.

B. The water purifier category presents significant opportunity, with South Korea serving as a reference market where water purifier penetration is 85-90% and 70-75% of households opt for subscription models.

How Will Rentomojo Limited Benefit

1. Rentomojo is strategically positioned to benefit from India’s organised home furnishing rental market growing at 45% CAGR from ₹350 crore (2021) to ₹1,550 crore (2025), with the company commanding a dominant 42-47% market share.

2. The company’s integrated multi-stack model combining subscription, e-commerce, and re-commerce creates a self-reinforcing flywheel, with occupancy rates consistently above 80% and over 97% revenue from recurring subscriptions.

3. With India’s rental home furniture and appliances market expected to grow at ~11% CAGR to ₹1.17 lakh crore by 2030, Rentomojo’s scalable platform and 227,511 live subscriber base position it to capture a significant share of this expanding market.

4. The company’s capital-light expansion model, demonstrated by growth from 6 experience stores in FY23 to 67 by September 2025, enables rapid penetration into Tier-2 and Tier-3 cities where urbanisation is creating new consumption hubs.

5. The structural shift from ownership to access-based consumption, evidenced by ‘rent furniture’ searches growing 14% while ‘buy furniture’ searches declined 10%, creates a strong tailwind for Rentomojo’s subscription model.

6. The company’s proprietary technology stack, including Mojodesk ticketing system and MojoVaahan route optimisation, provides operational moat and enables efficient scaling of touchpoints from 636,020 in FY23 to 1,209,160 in FY25.

7. With water purifier penetration in India following South Korea’s trajectory (85-90% penetration, 70-75% subscription), Rentomojo’s private-label water purifier offering at ₹391 per month positions it to capture this high-growth, service-intensive category.

Peer Group Comparison

Rentomojo Limited operates a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India. Currently, there are no listed companies in India or globally that operate under a comparable business model and accordingly, there are no directly comparable industry peers for KPI benchmarking. Therefore, no industry comparison has been provided in relation to the Company.

Key Strategies for Rentomojo Limited

1. Leveraging Micro-Market Intelligence to Drive Omni-Channel Expansion and Strengthen Consumer Trust

Rentomojo’s omni-channel expansion strategy is anchored in a micro-market-first approach, enabled by granular consumer and operational data captured across its platform. The company operates not merely at a city level but at a micro-market level, tracking demand patterns, category adoption, product preferences, and credit behaviour across neighbourhood clusters. This data-driven visibility allows identification of underserved demand pockets and emerging consumer cohorts with precision, while 67 experience stores showcase refurbished products to reduce hesitation and strengthen trust.

2. Capital-Light Expansion to Capture Urbanisation-Driven Growth

Rentomojo has developed a standardised city launch playbook enabling systematic participation in new urban clusters as they emerge, while maintaining capital discipline and predictable unit economics. Revenues from cities such as Indore and Lucknow have increased 2.73x and 2.66x, respectively, from Fiscal 2025 to H1 Fiscal 2026, validating the calibrated approach. A broader city network enables subscribers to relocate seamlessly across cities without incremental costs, reinforcing subscriber stickiness and enhancing lifetime value.

3. Invest in Technology Stack to Enhance Customer Experience, Strengthen Operational Efficiency, and Drive Cost Optimization

Rentomojo plans to continue investing in its proprietary technology stack to further enhance customer experience and operational efficiencies across logistics and service workflows. The company intends to leverage artificial intelligence and ML tools to improve refurbishment infrastructure by enhancing diagnostic accuracy, further refining spare-part forecasting, reducing refurbishment turnaround times, and optimising technician workflows. These investments are expected to enhance service reliability, improve asset productivity, and reduce costs across the lifecycle.

4. Strengthen and Scale Platform Solutions to Provide a Wider Breadth of Services

Rentomojo intends to strengthen and scale its platform-led model by leveraging existing physical and technology infrastructure and its large subscriber base to deliver a wider breadth of services. The company plans to expand the range of consumer product categories, having commenced scaling in water purifiers (590% CAGR between Fiscal 2023 to Fiscal 2025). The private-label water purifier at ₹391 per month serves as a low friction-entry product. In the medium term, the company intends to evaluate entry into additional categories including baby products and laptops.