.Furniture and also electronic devices rental system Rentomojo posted operating income of nearly Rs 200 crore in the final fiscal year as the Bengaluru-based company profited from people coming back to place of work after the pandemic.Rentomojo-- the winner of The Economic Times Start-up Awards 2024 in the Resurgence Youngster type-- mentioned a 60% growth in operating revenue to Rs 193 crore in FY24, according to its monetary results submitted along with the Registrar of Providers. Handled increase in expenses in the course of the year saw net profit surge much more than threefold to Rs 22 crore last monetary coming from Rs 6 crore in FY23. It published a revenues before rate of interest, income taxes, depreciation and amortisation (Ebitda) of Rs 65 crore in the course of the year. Rentomojo's founder and also leader Geetansh Bamania informed ET that throughout FY24, the provider took actions to boost using computerization, leading to primary cost discounts." Our company've scaled swiftly through leveraging automation in a quite higher operationally extensive business and also regimented cost control, permitting lasting growth and also enhanced profitability," he claimed." The primary thing that our team messed around on existed used to be a manual team that made use of to sit as well as verify these consumers. Little by little and progressively, that is actually currently entirely automated and also happens in a minute," Bamania included. ET on September 26 reported that Rentomojo is actually gearing up to file for an initial public offering (IPO) in the upcoming 18 months.Founded in 2015 by Bamania as well as Ajay Nain, the company functions in 19 cities along with all around 30 offline outlets. Nain vacated the company in 2018. The business is targeting a 40-50% growth in its revenue in FY25, Bamania stated. "We are in fact on a terrific momentum this year. It must continue on the same collections as last year itself our Ebitda and internet profit should quite grow through about 40-50%," he stated. On February 21, the Bengaluru-based firm elevated Rs 210 crore in a late-stage funding around led through Edelweiss Discovery. Since March 31, the firm mentioned it had a tenancy fee of 84%-- suggesting 84 of every one hundred products it has, have been actually rented to its own consumers. Rentomojo had nearly 400,000 products since FY24-end contrasted to 291,000 a year back. In July 2023, Rentomojo's biggest rival Furlenco was acquired by Sheela Froth, which has preferred mattress company Sleepwell.
Posted On Oct 14, 2024 at 08:31 AM IST.
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