Rentomojo
Rentomojo, founded by Geetansh Bamania, operates a technology-driven, full-stack direct-to-consumer (?D2C?) online rental and subscription platform for furniture and appliances in India. Its platform, operating through an omni-channel mechanism, combining online ordering platform and experience stores (82 experience stores across 17 cities in India, as of March 31, 2026), enables consumers to access furniture and appliances on a flexible subscription plan, thus eliminating the need for large upfront purchases, repair and maintenance hassles, relocation concerns, limitations on upgrading products and long-term ownership commitments.
As of March 31, 2026, it had 253,825 live subscribers spread across 29 cities in India, enabling subscribers to access home essentials through affordable, long-term and flexible subscription plans backed by a reliable and a full-stack asset-lifecycle model. The company derive most of its revenues by renting furniture and appliances (along with other recurring subscription revenue. Of the FY26 revenue from operations about 97.90% is accounted by rentals revenue and of which 50.59% is furniture rentals, 47.15% is appliance rentals and 0.16% is other rentals.
The company is the market leader in the organised home furniture and appliances rental market (excluding water purifiers), commanding approximately 42% - 47% share in terms of subscription revenue in Fiscal 2025 and accounting for more than half (50% - 55%) of the live subscribers in the overall home furniture and appliances rental market (excluding water purifiers) as of March 31, 2025 and as of September 30, 2025.
Its integrated asset lifecycle model, spanning across category management, designing, procurement, refurbishment, servicing, reverse logistics and multi-cycle redeployment, helps it deliver a flexible living experience to modern age consumers of India. In addition, it focuses on offering quality service, to drive subscriber satisfaction and retention.
Consumers rely on its brand to subscribe to essential home-building blocks such as beds, mattresses, washing machines, refrigerators, wardrobes, sofas, televisions, and water purifiers. The furniture and appliances that it offer consumers have a diverse mix of brands including Haier, Wakefit, Livpure and Duroflex as well as its own private-label brands. In Fiscal 2025, it expanded its portfolio and launched private-label refrigerators and washing machines manufactured in partnership with Dixon Technologies (India) Limited (?Dixon?), as well as its own branded water purifiers. It have a comprehensive portfolio of 851,184 live items (?Products?) across furniture and appliances, as of March 31, 2026.
Its full-stack service handles delivery, installation, maintenance, pickup, and relocation, offering a convenient onestop furnishing solution throughout the subscription lifecycle. And the company is one of the fastest D2C furnishing solutions in India amongst leading home furniture and appliances rental platforms in India, with average delivery turnaround times of 2.54 days in six month period ended Sep 2025 and 3.33 days in FY25.
With the largest live subscriber base, amongst leading home furniture and appliance rental platforms in India, the company interact with subscribers across 11 touch points throughout their subscription lifecycle, ranging from orders, risk assessment, delivery, installation, monthly collections, relocation, repairs, upgrades, subscription contract transfers, reverse logistics, and refunds. Frequent subscriber engagements is expected to support strong brand recognition and trust, which then contributes to organic recall, repeat orders and sustained advocacy across the consumer base. As a result, a meaningful portion of traffic and demand is anticipated to originate organically, targeting reinforcing its market leadership while helping to optimise subscriber acquisition costs and supporting sustained subscriber retention.
To deliver a quality-driven, standardized, and reliable service experience, the company operates through a combination of tie ups with logistics partners, who are groomed and trained over several years to ensure timely and efficient deliveries, as well as a trained network of service professionals. It operates 20 warehouses with an aggregate of 538,933 square feet of warehousing space. It have the largest base of inhouse and contractual technicians, carpenters, painters, and unskilled workers, amongst leading home furniture and appliance rental platforms in India comprising 1,688 personnel as of September 30, 2025, making it manpower-led refurbishment infrastructure among the largest such units in India.
The subscription agreement renews monthly with auto-renewal provisions embedded in the contract structure, and many of which have long tenures that generate predictable and recurring revenue streams. Average subscription period for the company is 18.04 months in FY26 and 18.82 months in FY25.
The issue, Objects of the issue
The offer comprises fresh issue of equity shares of Rs 1 each aggregating to Rs 150 crore and an offer for sale of 27365529 equity shares The OFS component comprises sale of 849175 equity shares by Geetansh Bamania, the promoter and balance by investor selling shareholders. Investor selling shareholders component comprises 7849951 equity shares by Accel India IV (Mauritius); 2882794 shares by Edelweiss Discovery Fund - Series I; 2803431 shares by IDG Ventures India Fund III LLC; 2713418 shares by ValueQuest S.C.A.L.E. Fund; 2398550 shares by Madison India Opportunities V VCC; 2002019 shares by Chiratae Trust represented by its trustee Vistra ITCL (India); 1512800 shares by GMO Payment Gateway Inc; 842174 shares by GMO GFF Limited Partnership and 755405 shares by Renaud Laplanche.
Of the net proceeds from fresh issue, the company intends to use Rs 70 crore towards prepayment or re-payment, in full or in part, of certain outstanding borrowings availed by the company; Rs 42.50 crore towards payment of lease rental/ license fee for its warehouses and experience stores; and balance towards general corporate purposes.
Outstanding borrowings on consolidated basis as of end of June 30, 2026, stood at Rs 258.334 crore.
Strengths
Consistently profitable D2C player since Fiscal 2023, driven by predictable recurring revenues
Integrated multi-stack business model driving a self-reinforcing flywheel at the intersection of e-commerce, subscription, and re-commerce
Proprietary technology stack seamlessly facilitating end-to-end operational integration
Weaknesses
Unable to retain its existing subscribers and attract new subscribers will adversely impact the growth.
Unable to procure products from vendors on commercially acceptable terms or if third-party manufacturers choose not to manufacture products for the company or fail to maintain quality standards that will adversely impact the business of the company.
Top 10 cities accounted for 89.51% of revenue from operations of the company in FY26.
Statutory Auditors have included certain observations on the audited financial statements, as well as certain statements in their auditor?s report issued under the Companies (Auditor?s Report) Order, 2020 for the years ended March 31, 2026, 2025 and 2024.
have in the past incurred certain non-compliances, and failed to file certain forms with RBI for certain allotments made by the company, within the prescribed timelines and have compounded such non-compliances and delays under FEMA, 1999 and the rules made there under and paid the compounding fee.
Its applications to obtain registration of its logo under Trade Marks Act have been opposed.
If the company do not continue to innovate and develop its Rentomojo platform and operational capabilities, or its platform developments do not perform or keep pace with technological developments, it may not remain competitive and its business could suffer.
Valuation
Consolidated re-stated revenue for the fiscal ending March 2026 stood higher by 46% to Rs 386.99 crore. With OPM contract by 120 bps to 41.1%, the growth of OP was 41% to Rs 158.94 crore. The PBT was up 63% to Rs 70.24 crore. With EO being an expense of Rs 2.58 crore (against nil), the PBT after EO was up 57% to Rs 67.66 crore. With taxation being a write back of Rs 36.64 crore against nil, the PAT more than doubled to grow by 142% to Rs 104.30 crore.
On expanded equity, the adjusted EPS (excluding EO and tax credit) for FY2026 was Rs 6.7. On the upper price band, the PE works out to 60.3 times of its FY26 EPS. P/BV stood at 9.3 times and EV/Sales stood 11.3 times. ROE was 17.3%.
Repayment of Rs 70 crore from net proceeds will bring the borrowings down by about 27.1%, resulting in lower interest outgo. EPS (adjusted for EO & tax credit) for FY26 works out to Rs 7.4 if 27.1% of its interest cost is removed, keeping all other items, including tax rate, same. The reworked PE stood at 54.6 times.
Currently, there are no listed companies in India or globally that operate under a comparable business model i.e. technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances.
| Rentomojo : Re-stated Consolidated Financials |
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| 2403 (12) | 2503 (12) | 2603 (12) | |||
| Sales | 192.70 | 265.96 | 386.99 | |||
| OPM (%) | 38.9 | 42.3 | 41.1 | |||
| OP | 75.06 | 112.44 | 158.94 | |||
| Other income | 3.10 | 6.00 | 7.10 | |||
| PBIDT | 78.15 | 118.44 | 166.04 | |||
| Interest | 25.61 | 26.52 | 25.34 | |||
| PBDT | 52.54 | 91.92 | 140.71 | |||
| Depreciation | 30.13 | 48.81 | 70.47 | |||
| PBT | 22.41 | 43.11 | 70.24 | |||
| EO Exp | 0.00 | 0.00 | 2.58 | |||
| PBT after EO | 22.41 | 43.11 | 67.66 | |||
| Tax | 0.00 | 0.00 | -36.64 | |||
| PAT | 22.41 | 43.11 | 104.30 | |||
| Share of Profit from Associates | 0.00 | 0.00 | 0.00 | |||
| Minority Interest | 0.00 | 0.00 | 0.00 | |||
| Net profit after MI | 22.41 | 43.11 | 104.30 | |||
| EPS (Rs)* | 2.2 | 4.1 | 6.7 | |||
| * on post IPO fully dilluted equity (on upper price band) of Rs 10.41 crore. Face Value: Rs 1 | ||||||
| EPS is calculated after excluding EO and tax writeback/credit | ||||||
| Figures in Rs crore | ||||||
| Source: Capitaline Corporate database | ||||||
| Rentomojo : Issue Highlights |
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| Fresh Issue (Rs crore) | 150 |
| Offer for sale (in nos.) | 27365529 |
| Price band (Rs.) ** |
|
| Upper | 404 |
| Lower | 384 |
| Post-issue equity (Rs crore) | |
| in Upper price band | 10.41 |
| in Lower Price Band | 10.43 |
| Post-issue promoter (including promoter group) stake (%) | 20.13 |
| Minimum Bid (in nos.) | 37 |
| Issue Open Date | 09-09-2026 |
| Issue Close Date | 11-09-2026 |
| Listing | BSE, NSE |
| Rating | 43 /100 |
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