Business · India Bureau
Accel cashes in on RentoMojo listing after over a decade of backing
RentoMojo shares surged nearly 19% on their market debut, as early backer Accel offloaded its substantial stake worth ₹317 crore, marking the venture capital firm's most significant exit from the furniture rental platform.
LSN India ·
RentoMojo's initial public offering marked a significant milestone for Accel Partners, which has backed the furniture rental startup since its inception over 11 years ago. The venture capital firm sold approximately ₹317 crore worth of shares in the IPO, representing its largest stake divestment in the company and reflecting confidence in the business model's maturation.
Shares of RentoMojo jumped nearly 19% on their first day of trading, demonstrating strong investor appetite for the consumption platform. The surge underscores growing acceptance of the rental economy in India, particularly in the furniture and home furnishing segment where RentoMojo has established itself as a leading player.
Acel's early bet on RentoMojo exemplifies the venture capital firm's long-term investment horizon in India's emerging sectors. The successful exit comes as the broader rental economy continues to gain traction among urban Indian consumers seeking flexible, affordable alternatives to outright ownership.
The IPO proceeds are expected to help RentoMojo accelerate expansion plans across cities and strengthen its technology infrastructure. The platform's ability to command strong valuations reflects the broader shift in consumer preferences toward experiential consumption over ownership, particularly among younger, mobile populations in metropolitan areas.