Inc42
 
Online furniture rental startup RentoMojo saw its operating revenue inching closer to INR 200 Cr mark in the financial year 2023-24 (FY24), helped by strong customer demand and increased efficiency due to automation.
 
The Bengaluru-based startup logged a 60% year-on-year increase in its operating revenue at INR 193 Cr in FY24.
 
Further, RentoMojo posted a profit after tax (PAT) of INR 22 Cr in FY24, a more than 3X jump from INR 6 Cr in the previous year, on the back of strong growth in its business and controlled rise in expenses.
 
Normalized PAT, excluding extraordinary items, stood at INR 28 Cr during the year under review.
 
The company saw its EBITDA grow 142% YoY to INR 66 Cr in the reported period as focus on automation increased operational efficiency and allowed it to scale an occupancy led business.
 
In addition to increase in average items deployed, longer average subscription periods, and high repeat rates also strengthened recurring revenue streams for RentoMojo.
 
RentoMojo also benefited from non-committal subscription models and bundled service offerings like free location and free repair, which gave the company a competitive edge over its peers.