Introduction
India’s consumer rental market has evolved significantly over the past decade, driven by changing lifestyles, urbanisation and the growing preference among younger consumers to access products without the burden of outright ownership. From furniture and appliances to electronics and other household essentials, rental platforms have emerged as an alternative to traditional buying.
One of the prominent players in this space is Rentomojo, a Bengaluru-based rental platform that enables consumers to rent furniture, appliances, electronics and other lifestyle products through flexible subscription and rental plans.
The company has built its business around making everyday products more accessible through rental and subscription models. Its journey has also attracted a mix of venture capital investors, private equity funds and individual investors.
With Rentomojo heading towards its IPO, the public-market debut is also creating a significant liquidity event for several of its early backers.
So, who invested early, who came in closer to the IPO, and who stands to make the biggest returns?
Rentomojo IPO: The Details
Rentomojo is set to raise ₹1,255.57 crore through its IPO, comprising a fresh issue of shares and an offer for sale by existing shareholders.
| IPO Particulars | Details |
|---|---|
| IPO Size | ₹1,255.57 Cr |
| Fresh Issue | ₹150.00 Cr |
| Offer for Sale (OFS) | ₹1,105.57 Cr |
| Price Band | ₹384 – ₹404 per share |
| Face Value | ₹1 per share |
| Lot Size | 37 shares |
| Minimum Investment | ₹14,948 |
| IPO Opening Date | September 9, 2026 |
| IPO Closing Date | September 11, 2026 |
| Tentative Listing Date | September 17, 2026 |
| Proposed Listing | BSE & NSE |
The ₹150 crore fresh issue will provide new capital to Rentomojo, while the much larger ₹1,105.57 crore OFS will allow existing shareholders to sell part of their holdings and realise their investments.
The OFS accounts for nearly 88% of the total IPO size, making the issue primarily a liquidity event for existing shareholders rather than a capital-raising exercise for the company.
At the upper end of the price band, Rentomojo is valued at approximately ₹4,246 crore.
The IPO structure is particularly relevant when analysing Rentomojo’s investors. The large OFS component provides an opportunity for several early investors to monetise their stakes after holding the company for multiple years.
Rentomojo Investor Returns
| Investor | First Investment Date | Total Investment Amount (₹ Cr) | Total Value of Investment (₹ Cr) | Return Multiple |
|---|---|---|---|---|
| Accel India | September 2015 | 99.14 | 856.80 | 8.64x |
| Edelweiss Discovery Fund | February 2024 | 79.98 | 431.35 | 5.39x |
| ValueQuest Investment Advisors | March 2024 | 68.17 | 365.41 | 5.36x |
| Chiratae Ventures (IDG) | August 2017 | 46.25 | 230.30 | 4.98x |
| Madison India Capital Advisors | December 2023 | 37.72 | 272.20 | 7.22x |
| GMO Venture Partners | May 2019 | 22.43 | 95.14 | 4.24x |
| Pratithi Investments | May 2020 | 13.60 | 35.02 | 2.57x |
| Mitsui Sumitomo Marine Capital | August 2019 | 7.23 | 30.45 | 4.21x |
| Renaud Laplanche | August 2017 | 5.67 | 30.52 | 5.38x |
| Geetansh Bamania* | April 2012 | 0.02 | 601.90 | 39,418.25x |
Gifted shares and shares transferred to legal heirs through succession are valued at the original purchase price.
Total Value of Investment = Current value of stake + Pre-IPO Exit + IPO Exit
Source: Rentomojo RHP and MCA Filings
Investor-wise Breakdown
Accel India: The Early Institutional Winner
Accel India stands out as one of Rentomojo’s earliest major institutional backers, making its first investment in September 2015.
The investor put in ₹99.14 crore, which has grown to a total investment value of ₹856.80 crore.
That represents an impressive 8.64x return multiple.
Accel’s investment demonstrates the advantage of entering a high-growth consumer platform early, when the company’s valuation was significantly lower than its eventual IPO-stage value.
Madison India Capital Advisors: A Late Entry With Strong Returns
Madison India Capital Advisors made its first investment in December 2023, considerably later than some of Rentomojo’s early investors.
Despite the relatively late entry, its ₹37.72 crore investment has reached a total value of ₹272.20 crore.
That’s a 7.22x return, making Madison India one of the strongest institutional performers in the group by return multiple.
Its numbers highlight that Rentomojo’s value creation wasn’t limited to investors who entered during the company’s earliest years.
Edelweiss Discovery Fund: ₹80 Crore Investment, 5.39x Return
Edelweiss Discovery Fund entered Rentomojo in February 2024, investing approximately ₹79.98 crore.
The investment is valued at ₹431.35 crore, translating into a 5.39x multiple.
For an investor entering relatively close to the IPO phase, a return of more than five times the original investment is particularly notable.
ValueQuest Investment Advisors: Another 5x-Plus Return
ValueQuest Investment Advisors made its first investment in March 2024, investing ₹68.17 crore.
Its total investment value stands at ₹365.41 crore, representing a 5.36x return multiple.
The numbers show that even relatively recent investors were able to participate meaningfully in Rentomojo’s value creation ahead of the IPO.
Chiratae Ventures: Nearly 5x on an Early Bet
Chiratae Ventures, formerly known as IDG Ventures India, invested in Rentomojo in August 2017.
Its total investment of ₹46.25 crore has grown to ₹230.30 crore, generating a 4.98x return.
As one of the earlier institutional investors, Chiratae’s investment illustrates the substantial appreciation generated during Rentomojo’s transition from an early-stage startup to an IPO-bound company.
GMO Venture Partners: More Than 4x Return
GMO Venture Partners entered Rentomojo in May 2019, investing ₹22.43 crore.
The investment is now valued at ₹95.14 crore, translating into a 4.24x multiple.
While lower than the returns generated by some of the other institutional investors, GMO Venture Partners has still generated more than four times its original investment.
Pratithi Investments: 2.57x Return
Pratithi Investments made its first investment in May 2020, with a total investment of ₹13.60 crore.
Its investment value stands at ₹35.02 crore, representing a 2.57x return.
Although this is the lowest return multiple among the institutional investors in the table, the investment has still more than doubled in value.
Mitsui Sumitomo Marine Capital: 4.21x Return
Mitsui Sumitomo Marine Capital invested in Rentomojo in August 2019.
Its investment of ₹7.23 crore has grown to ₹30.45 crore, delivering a 4.21x multiple.
The return highlights the significant value appreciation achieved by Rentomojo during the period between the investment and its IPO-stage valuation.
Renaud Laplanche: 5.38x Return
Renaud Laplanche made his first investment in Rentomojo in August 2017, investing ₹5.67 crore.
That investment is valued at ₹30.52 crore, representing a 5.38x return.
Despite the relatively smaller investment size compared with institutional investors, the investment has generated a substantial multiple.
Geetansh Bamania: The Extraordinary Outlier
The most striking number in the table belongs to Geetansh Bamania.
The reported original purchase value of the shares is just ₹0.02 crore, while the total value attributed to the investment is ₹601.90 crore.
This produces an apparent return multiple of 39,418.25x.
However, this figure needs to be interpreted differently from the institutional investor returns.
The underlying shares include gifted shares and shares transferred to legal heirs through succession, which are valued at their original purchase price. Therefore, the extremely high multiple should not be treated as a conventional investment return generated through a ₹0.02 crore cash investment.
Nevertheless, the valuation of the resulting stake makes it one of the most notable individual wealth-creation stories associated with Rentomojo.
What the Numbers Tell Us
The investor data reveals an interesting pattern.
Accel India leads the institutional investors in absolute value, with its investment reaching ₹856.80 crore.
Meanwhile, Madison India Capital Advisors delivers the second-highest institutional return multiple at 7.22x, despite entering only in December 2023.
Edelweiss Discovery Fund and ValueQuest Investment Advisors also generated more than 5x returns, even though both entered in 2024.
This suggests that Rentomojo’s value creation accelerated significantly in the years leading up to its IPO.
At the other end, Pratithi Investments’ 2.57x multiple is the lowest among the institutional investors covered here, but it still represents a meaningful increase over the original investment.
The biggest takeaway is that Rentomojo has created substantial value across multiple investment vintages, benefiting both early-stage and relatively late-stage investors.
Conclusion
Rentomojo’s IPO is more than a public-market milestone for the company. It is also a major liquidity event for investors who backed the business at different stages of its growth.
The ₹1,255.57 crore IPO, dominated by a ₹1,105.57 crore OFS, gives existing shareholders an opportunity to monetise their holdings. For investors such as Accel India, Madison India Capital Advisors, Edelweiss Discovery Fund and ValueQuest Investment Advisors, the IPO marks the culmination of investments that have generated substantial multiples.
Accel India’s journey stands out, with ₹99.14 crore invested turning into ₹856.80 crore of total value and an 8.64x multiple. Madison India follows with a 7.22x return, while Edelweiss Discovery Fund, ValueQuest Investment Advisors and Renaud Laplanche have each generated returns of more than 5x.
The extraordinary figure attributed to Geetansh Bamania is a separate case, given the treatment of gifted and succession-transferred shares.
Overall, the numbers paint a compelling picture of the wealth created through Rentomojo’s journey from a consumer rental startup to an IPO-bound company.
For public-market investors, the IPO offers an opportunity to participate in Rentomojo’s next phase of growth. For its early backers, however, it represents something else: the potential conversion of years of private-market bets into significant realised wealth.
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