Gurugram-based consumer tech company Rentickle witnessed a whopping 68% increase in its revenue for FY23, reaching Rs 23.12 crore as compared to Rs 14 crore in FY22. Its revenue primarily came from the sale of services, which accounted for over 97% of the total revenue, with the sale of goods contributing close to 3%.
Founded in 2015 by Amit Sodhi and Vineet Chawla, Rentickle is a proptech platform that offers furniture, appliances, and other home furnishing essentials on rent. Its offerings include a wide range of products such as wardrobes, beds, TVs, lamps, washing machines, air purifiers, and fridges. Additionally, the company also rents out fitness equipment and laptops, catering to the diverse needs of its customers.
Alongside the rise in revenue, Rentickle’s expenses also grew by 41% in FY23, amounting to Rs 21.43 crore compared to Rs 15 crore in FY22. Employee benefit costs were the largest contributor to the expenses, making up 31% of the total. Depreciation costs accounted for over 16%, while advertisement and promotional expenses constituted more than 11%.
Rentickle has raised a total of Rs 39.28 crore in funding over six rounds, with its latest fundraising effort securing over Rs 1 crore in an extended Series A round led by ThinKuvate. Amit Sodhi remains the largest shareholder in the company, with Vineet Chawla, Radhika Sharma, and Thriving Forms Builders also holding significant shares.
Despite the increase in expenses, Rentickle achieved a profit of Rs 1.69 crore in FY23, a significant turnaround from the Rs 1.49 crore losses recorded in FY22. The company’s EBITDA margin stood at 25.25%, and its ROCE was at 16.05%.