The funds raised will be utilised to expand the company's geographical footprint and product categories
Delhi-NCR-based lifestyle products rental portal Rentickle.com today announced it has raised $4 million in a fresh funding round. The fundraising is a combination of equity and debt.
The equity portion was led by Ajay Relan, Founder and Chairman, CX Partners, and ThinKuvate, a Singapore-based VC firm, with participation from existing investors. Delhi-based NBFC, DMI Finance Pvt Ltd, extended the company a debt line. Rentickle.com had raised $250,000 seed funding in early 2016.
Rentickle Co-founder Vineet Chawla said, “This fresh capital raised will be utilised towards geographical and product category expansion as well as for pushing internal growth. Raising this investment marks a significant milestone for us as we see more strategic opportunities in the online renting space in the near future."
"We are committed to enhancing lifestyles by providing quality, variety, convenience, best customer experience and a compelling value for money proposition to clients across diverse demographics and geographies,” he added.
With operations in Delhi, Noida, Gurugram and Hyderabad, Rentickle claims to have over 10,000 B2C and B2B subscribers. The company was launched in November 2015 by Amit Sodhi, an alumnus of ISB Hyderabad, and Vineet Chawla, who holds an MBA degree.
While Amit has 16 years of leadership experience across diverse industries, Vineet has 25 years of leadership experience with top brands like Godrej, GE Appliances, Whirlpool India, and Future Group.
“I believe the online rental space has tremendous growth potential in coming years given the change in demographics and increasing acceptance of the shared economy concept, especially among Gen-X. However, timely recoveries are extremely crucial to the success of start-ups following this model. I was particularly impressed with Rentickle’s ability to build a strong technical platform for credit verification of customers, which in turn has enabled the company to enjoy extremely healthy recovery rates,” said Ajay.
“We are delighted to partner with Rentickle in their growth journey and are impressed with their ability to simultaneously focus on growing revenues and building a winning team, while monitoring and controlling costs through strong processes,” said Harish Taori and Ghanshayam Ahuja, Managing Partners, ThinKuvate.
Earlier in the year, Mumbai-based RentoMojo had raised $10 million in Series B funding from Bain Capital Ventures and Renaud Laplanche, taking its total funding to $17 million. Bengaluru-based Furlenco has received a total investment of $36 million in debt and equity from Lightbox Ventures.