Online product rental platform GrabOnRent to raise $5mn in Series-A fundingPress Trust of India
GrabOnRent, an online product rental service, today said it plans to raise $5 million in Series-A funding to fuel expansion plans.
Chief Operating Officer Manish Sugandhi said GrabOnRent is now looking to close a Series-A funding of around $5 million in the coming few months.
The company today announced the launch of its services in Hyderabad, and said it has served more than 8,500 customers in Bengaluru alone, adding it's eyeing expansion across the country.
Our lean business model has helped us in growing at a rapid pace in Bengaluru. We have grown 10X since the time we raised our seed capital, with a 35 percent month-on-month increase. We are planning to launch our services in three more cities this year, he said.
Conceived in September 2015 and funded by IvyCap Ventures and Unicorn India Ventures, GrabOnRent offers furniture, household appliances, electronics, bikes, party and event equipment on rent.
Shubham Jain, CEO, GrabOnRent, said,
There has been a tremendous rise in the renting economy, both vertically and horizontally. Awareness and acceptance among people for rented goods has been a major driver of this growth. Also, with a rise in mobility for education and career opportunities, renting becomes the preferred option to access products without having to spend upfront on purchasing. We have collaborated with over 400 vendors in the two cities, Jain added.
GrabOnRent is a platform to rent different products, be it furniture or party accessories or even camping gear. Once a user logs on to the site, they can browse different products and compare the prices, their delivery times etc. After selecting the item, users have to make security deposit and pay for the item. The product is checked for defects before it is delivered to the customer so that there is no confusion in case of accidental damage to the product.