GrabOnRent a Bangalore based on demand product rental marketplace has raised an undisclosed amount of Pre-Series A round funding led by Unicorn India Ventures and IvyCap Ventures. The funds will be used vendor acquisition and product development & customer.
It was founded in September 2015 by Mahish S. Sugandhi, Shubham Jain and Aditya Sharma. It allows users to rent products including camera, appliances, adventure gear, furniture etc. It connects its suppliers with quality assurance, facilitating product discovery, consumers, logistics support and smooth payments.
Bhaskar Majumdar Managing Partner at Unicorn India Ventures and Prayag Mohanty Vice- President at IvyCap Ventures will join board of GrabOnRent Internet Pvt Ltd.
Manish S. Sugandhi, chief operating officer of GrabOnRent said
“The major focus of the company is to generate awareness towards the viability of renting products. One doesn’t need to scratch their heads in deciding in favour of renting against buying if the duration of usage is limited. Our suppliers are quick to adapt to our technologies and we foresee more suppliers joining the platform in the coming months.”
Startups in the same segment includes Rentwala, Rentmojo, RentSher, Rentmasti, Rentongo, etc. Swishlist and Rentoys are other startups which give toys and designer clothes on rent.
Rentomo raised $100k in its seed funding round. CommonFloor co-founders invested in What’s OnRent and in next month RentSher rasied $300k.
Vikram Gupta, founder and managing partner of IvyCap Ventures said
“This is among the first few investments of IvyCap Ventures Trust Fund II and forms part of our early stage strategy, through which we have allocated Rs.60 crore for early-stage investments via the IvyCamp platform.”