Furniture rental startup Rentomojo nears Rs 200 crore FY24 operating revenue
Furniture rental startup Rentomojo is on track to achieve an operating revenue of Rs 200 crore in fiscal year 2024, marking a significant milestone for the company. This achievement comes on the back of a strong growth trajectory, fueled by increasing demand for flexible and cost-effective furniture solutions in urban India.
Rentomojo, founded in 2014, provides a wide range of furniture rental options, catering to both individuals and businesses. Its offerings include beds, sofas, wardrobes, dining tables, and other essential furniture pieces. The company’s rental plans are flexible and customizable, allowing customers to choose durations ranging from a few months to several years.
“We are seeing a rapid shift towards furniture rental, especially among young professionals and families living in metro cities,” said Rentomojo CEO and co-founder, . “Our value proposition resonates strongly with this demographic, who are seeking affordable and hassle-free furniture solutions without the commitment of buying. This has led to substantial growth in our customer base and revenue.”
The company’s revenue growth can be attributed to several key factors, including:
* **Increased adoption of flexible living:** The growing trend of urban dwellers opting for temporary accommodation, moving frequently, and preferring to rent instead of own furniture has created a strong demand for rental services.
* **Focus on customer experience:** Rentomojo prioritizes customer experience by offering convenient doorstep delivery, seamless installation, and hassle-free pick-up services.
* **Expanding product portfolio:** The company continues to add new furniture items to its catalogue, catering to evolving customer preferences and lifestyle needs.
* **Strategic partnerships:** Rentomojo has collaborated with various property developers, real estate agents, and corporate organizations, expanding its reach and increasing its brand visibility.
“Our target is to achieve Rs 500 crore in operating revenue by fiscal year 2025,” added . “We are focused on expanding our presence in new cities and introducing innovative services to further enhance the customer experience.”
Rentomojo’s success underscores the growing demand for flexible and accessible furniture solutions in the Indian market. The company’s focus on customer satisfaction, coupled with its robust business model, positions it well to capitalize on this expanding market opportunity.
