TVS Motors picks up around 20% stake in RentOnGo

RentOnGo, an online marketplace for renting bikes, electronics and appliances, has raised an undisclosed amount from TVS Motor Company.

The firm, which is operated by Bengaluru-based Condivision Solutions Pvt. Ltd, will use the funds for expanding operations, ramping up technology platform and marketing.

TVS Motor picked up around 20% stake in RentOnGo in return for the investment, sources said.

It is not clear whether the latest funding is part of the firm’s seed round.

Founded in 2012, the company lists products provided by vendors under around 15 categories including bikes and scooters, vehicles (cars), electronics and appliances, among others.

Users can look for products that are available on rent and directly interact with the owner or vendor to finalise the deal. Once the deal is finalised, users can either pick up the product or get it delivered to their doorstep.