Bengaluru: With more and more home appliances and furniture rental firms gaining momentum, online product rental marketplace RentSher has raised $1.1 million in its latest funding round. The funding, led by Abu Dhabi-based VC fund Shorooq Investments and Dubai-based Latitude Consultants, also saw participation from other angel investors like LetsVenture platform and investors from the UK, UAE and Saudi Arabia.
Commenting on the capital infusion, Harsh Dhand, CEO, RentSher India, said, “With the latest round of funding, we are poised to fulfill our mission of setting up the strongest technological foundation to cater to the company’s rapidly-increasing user base and make renting easy for all across new and existing markets.”
The company plans to allocate the funds towards developing a global tech platform that supports customers as well as business partners to further RentSher’s mission, ‘Renting Made Easy’. In addition to this, RentSher plans to use the capital infusion for geographical expansion in 5-8 additional cities in India and in the Middle East in 2018.
Commenting on why the demand for online product rentals is growing, Dhand said, “Offline renting is a painful process with customers often struggling to zero in on the right products, gain price transparency as well as reliability. We are on a mission to transform this multi-billion-dollar market with our easy-to-navigate platform that enables customers to search from thousands of products online, browse all the details and book instantly without wasting their valuable time organizing rentals for their next party.”
The furniture rental market size in India is estimated to be worth around $ 3 billion and is expected to reach $25 billion by 2023.
Launched in 2015, RentSher focuses on electronics, A/V equipment and medical equipment rentals through its online platform. The firm has serviced over 60,000 customers and delivered more than 100,000 products in the past three years across India and UAE. It maintained that revenues have seen 12-15% month-on-month growth in FY 2017-18, with an increasing number of services and products being listed for rent.