Business Standard ·
An 11-year bet on rented sofas pays off for Accel as RentoMojo lists
RentoMojo shares jumped nearly 19% on debut as Accel, the platform's earliest institutional backer, sold about ₹317 crore of stock, the single largest stake in the IPO
When Prashanth Prakash agreed in 2015 to back a small Bengaluru startup renting out sofas and refrigerators, most of his venture capital industry peers dismissed the idea. Eleven years later, that conviction has been priced by the market.
RentoMojo, the furniture and appliance rental platform Accel backed at the pre-Series A stage, made a strong debut on the stock exchanges on Thursday, listing nearly 19 per cent above its issue price after the ₹1,255.57-crore offering was subscribed 72.89 times.
