Rentomojo Files for Mumbai IPO to Raise 1.5 Billion Rupees
Furniture rental platform Rentomojo filed for a Mumbai IPO to raise 1.5 billion rupees. Existing investors including Accel will sell up to 28.4 million shares.
Online furniture rental platform Rentomojo has officially filed for an initial public offering in Mumbai, according to a draft prospectus submitted on Friday. The company, which counts venture capital firm Accel among its prominent backers, is looking to strengthen its capital position through this market debut in India.
According to the regulatory filing, the IPO consists of a fresh issue of shares worth up to 1.5 billion rupees ($15.85 million). Alongside the new capital raise, existing shareholders are participating in an offer for sale, collectively offloading up to 28.4 million shares. This secondary component includes a divestment by Accel, which has been a long-term supporter of the platform.
The filing comes at a time when several technology-driven startups are eyeing the public markets to fuel further expansion. Based on current exchange rates, the primary fundraise is valued against a backdrop where $1 equals approximately 94.6370 Indian rupees.
