Indian startup Rentomojo — which lets consumers rent appliances furniture, motorbikes and other urban living essentials — has closed a $10 million Series B to continue its expansion.
The round was led by Bain Capital Ventures, and others that put in include Lending Club founder and former CEO Renaud Laplanche and existing investors Accel and IDG.
It’s nearly one year to the day that Rentomojo raised $5 million, and since then the three-year-old company has expanded its focus from renting out home appliances and furniture into motorbikes, a potentially lucrative segment.
The idea of the company is to cater to India’s migrating workforce. So that when a person pitches up in a new city they can rent their home essentials as they need them rather than having to make an expensive outlay and by items that they may not need in the long-term. It is currently active in eight cities in India, including Bangalore, Mumbai and Delhi.
All told, Rentomojo CEO and founder Geetansh Bamania told TechCrunch he believes the total market is worth $60 billion per year.
For the expansion into bikes, Bamania the goal is to “offer something that’s less than the cost of Uber…