Entrepreneurship Does The Trick For Rentomojo

Saurab Agnihotri (35) joined Rentomojo as a city manager with three years of experience and went on to become zonal head, regional head and, eventually national head, within just six years. He was chief operating officer when he quit to launch a start-up. “We believe in grooming internal talent. The speed at which people grow here is phenomenal,” says Ketan Krishna, people head and chief of staff at Rentomojo. “People take ownership of their work in such an entrepreneurial environment.”

Rentomojo offers furnishings, furniture, appliances and even cars, bikes, phones and clothes on rent. “This generation wants to live light. They are value conscious and experiment with things that make life interesting. Our customers and employees identify with what we do,” says Krishna.

The company’s employee stock options (ESOP) policy is unique. ESOP scheme allows people to retain the vested options forever and they do not have a time-bound expiry. “About 30% of the organisation is covered,” says Ketan.

Among other initiatives for employees, Rentomojo has done away with daily attendance tracking. Except for people working at warehouses, it follows the ‘work from anywhere’ concept. “Apart from laptop and internet access, we ensure our employees working from home have comfortable furniture,” says Krishna. Employees do not have to wait for the annual appraisal cycle for salary growth and promotions. “If they take a larger role, we enable them with financial growth, right there,” says Krishna. Rentomojo’s attrition rate slipped to 11% in FY22 from 35.4% in FY21.

The company hires gig workers too. It currently has around 120 gig workers in various operating roles. The number is expected to go up to 500 in the next two years. “We have hired gig workers even at key managerial positions. We have been open to hiring HR professionals, senior engineers, data analysts and content marketers as well,” says Krishna.

On diversity and inclusion, the company has a simple message — It is about seeing people for who they are and not what they are. Rentomojo turned profitable on a monthly basis in October 2021. The brand continues to be profitable month on month for the last two-and-a-half quarters.