After opening its first store in India in August, IKEA is now putting up its furniture on lease through RentoMojo, a Bengaluru-based consumer leasing business.
Consumer leasing company RentoMojo announced it will now have furniture from IKEA India on its platform. The offering starts at a Rental Monthly Installment (RMI) of Rs 99 onwards.
RentoMojo will showcase IKEA India products ranging from storage units like bookshelves and TV units, along with several types of daily use furniture like study tables and centre tables. Outdoor products and doorway furniture will also be available.
Customers can avail of all RentoMojo's value-added benefits such as free delivery, installation and relocation. The company will also allow customers to buy the products leased by them.
Giving shoppers a chance to experience IKEA India’s design aesthetics, the offering may amplify RentoMojo's product and services portfolio.
Geetansh Bamania, Founder and CEO of RentoMojo, said, “Furniture from IKEA India perfectly complements the existing range of products by offering a large variety and cost-effective alternatives. Furniture is one of the largest categories for us and we expect it to grow by 3x over the next one year."
The company is also betting big on baby furniture and Geetansh expects strong demand in this segment, especially through the RMI model. Based on this prediction, RentoMojo will also launch a range of baby furniture like convertible cribs and portable high chairs from IKEA India on its platform.
The idea behind this is obvious. With babies outgrowing furniture and making it unusable pretty fast, it is profitable to lease it rather than making an upfront purchase. RentoMojo says baby furniture will be available at RMIs from Rs 239 onwards.
IKEA entered the Indian market in August. The Swedish furniture giant opened its first retail store in Hyderabad and it is said to be one of the company's largest stores in the world.