In the past few years, the rental market in India has witnessed a steep boom. The entry of international players has overhauled the business in this sector. With the organized sector differentiating itself from the unorganized sector in terms of its service parameters such as quality of service, reliability and monitored prices etc., it witnessed the market leaning toward its side.
This is exactly what Geetansh Bamaniaand Ajay Nain analysed when they started RentoMojo in 2014. Currently operating in Delhi, Mumbai, Pune, Bangalore, Rentomojo provides frugal furnishing rental solutions to the ever-increasing population of migrants in major cities across India looking for quick solutions for furnishing. The company has raised USD 5 million in funding from Accel Partners and IDG Ventures India.
Geetansh Bamania, is an enthusiastic entrepreneur and dynamic personality who started his career in engineering from IIT Madras. At the age of 27, Geetansh is already a serial entrepreneur with prior forays in community learning (Click2skill) and philanthropic crowdfunding (HopeMonkey). He has also worked with companies like Flipkart, Pepperfry and KPGM.
Geetansh tells Knowstartup:
“Increased mobility among the working population today has resulted in a surge in the disposable income pie and this is divided into transport spend, mobile bills, hangouts, leisure trips, shopping, etc. With easy, affordable and hassle-free solutions from Rentomojo, this disposable income can be allocated to better life experiences without being tied to furniture and appliances that people may not need in the future. Rentomojo provides affordable lifestyle solutions which come without the inertia of disposing off the assets or unnecessary relocation related expenditure”
This ambitious start-up genius has now revolutionized the way people meet their lifestyle needs by promoting and encouraging new-age folks to start renting instead of spending money to buy furniture and other household appliances. In its current form, Rentomojo claims to be the quickest and the most convenient furnishing solution that a consumer can access with affordable monthly rentals. They offer online rental services for furniture and appliances. They believe in making lifestyles affordable & easily accessible to everyone. Their mission is to let people explore a world of possibilities and access a better lifestyle with RentoMojo.
“RentoMojo brings ease, affordability and flexibility for all things related to furnishing one’s house. Why tie your savings in furniture and appliances that may not be of use to you when you decide to move out of the house in a couple of years or so? These savings can be used for better life experiences by simply renting out these temporary essentials. Since renting is essentially a lending or a leasing activity, it’s bound to be termed as an asset heavy business. Our uniqueness comes from the philosophy of building an asset light model in renting.”
The current team of 320 people at Rentomojo consist of experts who focus on curating the right products and experience to the customer. The company currently has approximately 20K subscribers. The curation aspect of subscriptions is something traditional businesses and product companies don’t provide. But the same is what the team at Rentomojo is pro at, this allows them to create a unique experience for each customer, thus enabling them to build long term and repeat customers. Their algorithms, also help in ensuring that the longer a person holds a subscription, the better and more specified the experience is provided to them. Rentmojo plans to further enhance the customer experience and also add new categories going forward.