Rentmojo Limited IPO Analysis

1. IPO Snapshot

2. IPO Details

3. Issue Reservation

4. IPO Lot Size

5. About the Company

Rentomojo Limited operates a technology-driven, full-stack direct-to-consumer online rental and subscription platform for furniture and appliances in India. As of March 31, 2026, the Company reported 253,825 live subscribers across 29 cities. Its model combines an e-commerce stack, a subscription stack and a re-commerce stack across the asset lifecycle.

The RHP describes the subscription lifecycle as covering orders, risk assessment, delivery, installation, monthly collections, relocation, repairs, upgrades, subscription contract transfers, reverse logistics and refunds. The re-commerce layer manages redeployment, reverse logistics and refurbishment of assets, while the e-commerce layer integrates logistics, warehousing, service and labour.

As of March 31, 2026, the Company operated 20 warehouses with aggregate warehousing space of 538,933 square feet. The RHP also states that its in-house and contractual refurbishment workforce comprised 1,688 personnel as of September 30, 2025. Average delivery turnaround time was 2.35 days in Fiscal 2026, compared with 3.33 days in Fiscal 2025 and 3.77 days in Fiscal 2024.

The RHP states that rental revenue is primarily recurring and that furniture and appliance rentals together with other recurring subscription revenue represented 97.90%, 98.20% and 98.19% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively.

6. Restated Financial Information

7. Key Performance Indicators

8. IPO Valuation

11. Shareholding & Capital Structure

Shareholding Pattern

Capital Structure & Capital History

12. Objects of the Issue

13. OFS / Selling Shareholders

14. Key Risk Factors

• Business / Revenue: Revenue is concentrated in furniture and appliance rentals and other recurring subscription revenue, which represented 97.90%, 98.20% and 98.19% of revenue from operations in FY2026, FY2025 and FY2024. A reduction in rental demand or inability to diversify revenue could affect operations, financial condition and cash flows.

• Customer Concentration: Top 10 customers accounted for 58.67%, 60.98% and 62.51% of revenue from operations in FY2026, FY2025 and FY2024. Changes in demand or relationships with key customers may affect revenue.

• Supplier Dependence: The Company depends on vendors and third-party manufacturers. Its top five asset suppliers represented 12.18%, 13.70% and 15.21% of total capital and operational expenses in the respective years. Supply disruptions, quality issues, higher costs or delays may affect availability, margins and operations.

• Subscriber Growth / Retention: Live subscribers were 253,825, 194,262 and 149,498 in FY2026, FY2025 and FY2024, while repeat orders were 50.41%, 46.55% and 47.31%. Lower subscriber additions or retention could affect revenue and asset utilization.

• Financial: The Company had negative retained earnings in the last three Fiscals despite reporting profitability. Historical accumulated losses may not be fully offset by future earnings.

• Geographic Concentration: Top 10 cities accounted for 89.51%, 94.45% and 87.48% of revenue from operations in FY2026, FY2025 and FY2024. Local demand, infrastructure, regulation or competition may disproportionately affect results.

• Operational / Asset: The business involves storage, refurbishment and movement of rental assets. A warehouse fire in June 2026 caused approximately ₹110.20 million of losses. Asset damage or operational disruption may increase costs and delay service.

• Legal / Regulatory: A company petition by Ajay Nain is pending before the NCLT, Bengaluru Bench. An FIR dated July 2, 2026 is also disclosed, with an interim stay of investigation granted by the Karnataka High Court on July 17, 2026. Unfavourable outcomes or further developments may affect business, reputation and the IPO process.

• Lease / Premises: Registered and corporate offices are held through membership rights, while warehouses and experience stores are operated on a leasehold basis. Loss or non-renewal of premises rights could affect operations.

• Experience Stores: Five experience stores were shut and relocated during the last three Fiscals. A stoppage notice was issued by MCD for the New Ashok Nagar store on August 3, 2026. Difficulty in operating or expanding stores could affect the business.

• FEMA / RBI Compliance: The RHP discloses historical FEMA non-compliances, including delayed FC-GPR filings and other reporting matters. Compounding applications and late submission fees are disclosed. Future lapses may result in penalties or regulatory action.

• Technology / Cybersecurity: A cyber-attack in April 2023 involved unauthorized access to a database and theft of personally identifiable information of certain subscribers. The RHP states that financial information such as card and UPI data was not stored in that database. Future breaches could affect operations, confidential information and reputation.

• Liquidity / Debt: Total borrowings were ₹1,875.90 million as of March 31, 2026, while outstanding borrowings as of June 30, 2026 were ₹2,583.34 million on a consolidated basis. Debt servicing, covenant requirements and financing availability may affect financial flexibility.

• Occupancy: Occupancy Rate was 83.34%, 82.82% and 86.43% in FY2026, FY2025 and FY2024. A decline in occupancy may reduce asset-level realization, RoCE and operating cash flows.

• Audit Observations: The RHP states that statutory auditors included certain statements/comments under CARO 2020 for the years ended March 31, 2026, 2025 and 2024, which did not require adjustments to the Restated Financial Information. Future observations or matters of emphasis may affect reported results or perceptions.

15. Legal, Contingent Liabilities & Creditors

16. Registrar

17. Lead Manager(s)

18. Company Contact Details