RentoMojo IPO Delivers Big Exits as Accel, Chiratae and GMO Cash Out While Cofounder Trims Stake — September 17, 2026

Furniture and appliances rental platform RentoMojo has delivered sizeable paydays to its early venture backers as part of its Rs 1,255.6 crore Initial Public Offering (IPO). The issue, which concluded on the back of robust demand, featured a substantial Offer for Sale (OFS) component that enabled venture capital firms to monetize long-standing bets alongside a marginal stake trim by the startup's promoter.

According to regulatory filings, early institutional backer Accel sold equity shares amounting to Rs 317 crore, while early venture capital investors Chiratae Ventures and Japan-based GMO fully liquidated their positions. RentoMojo cofounder and Chief Executive Officer Geetansh Bamania also participated in the OFS, offloading shares worth Rs 34.31 crore while retaining a 13.37% ownership stake in the Bengaluru-headquartered startup.

IPO Structure and Capital Allocation

The public issue was structured around a price band of Rs 384 to Rs 404 per equity share. The total issue size comprised:

• A fresh issue of equity shares aggregating up to Rs 150 crore to pump capital directly into the company's books.
• An offer for sale (OFS) of over 2.7 crore equity shares valued at around Rs 1,105.6 crore by selling shareholders, including institutional funds and the founder.

Out of the Rs 150 crore raised through the fresh issue, RentoMojo has earmarked approximately Rs 70 crore for the repayment or prepayment of specific borrowings. Another Rs 42.5 crore will fund lease and license commitments across its growing network of warehouses and offline experience centres, with the remaining capital allocated to general corporate purposes. The IPO was managed by book-running lead managers Motilal Oswal Investment Advisors, Axis Capital, and IIFL Capital Services.

Turnaround and Financial Performance

Founded in 2014 by Geetansh Bamania and Ajay Nain, RentoMojo operates a subscription-based platform offering rental furniture, home appliances, and lifestyle essentials. While the company navigated severe headwinds and business disruption during the pandemic, it re-engineered its unit economics and expanded its physical footprint. As of the end of March 2026, the company operated 20 warehouses and 82 offline experience stores spanning 29 Indian cities, servicing more than 2.5 lakh active subscribers.

The startup's financial turnaround in FY26 provided substantial impetus for its public debut:

• Operating revenue climbed 45.5% year-on-year to reach Rs 387 crore, compared to Rs 266 crore reported in FY25.
• Restated profit after tax (PAT) jumped nearly 142% to Rs 104.2 crore, bolstered in part by a deferred tax credit of Rs 36.6 crore, compared to Rs 43.1 crore in the previous fiscal year.

Significance for the Indian Startup Ecosystem

The successful listing and outsized exits offer a critical validation point for India's consumer tech sector. Venture investors who backed the company in early rounds—some entering at weighted average purchase costs under Rs 50 to Rs 80 per share—have generated multifold returns against the upper end of the Rs 404 price band.

For domestic retail and institutional investors, the profitable exit path demonstrated by RentoMojo signals that disciplined growth, deleveraging, and recurring subscription cash flows remain rewarded in Dalal Street's evolving IPO market.

Tags: RentoMojo Accel Chiratae Ventures IPO SEBI Startups