Bengaluru-based online product rental startup, RentSher has raised $1.1 Mn funding from Abu-Dhabi based venture capital fund Shorooq Investments and Dubai-based Latitude Consultants.
Angel investors of the LetsVenture platform, a senior partner from McKinsey & Company’s Middle East office, others from the UK, UAE and Saudi Arabia also participated in the latest funding round of RentSher.
Commenting on the recent development, Mahmoud Adi and Shane Shin, Co-founding Partners at Shorooq Investments, said, “We believe RentSher’s business model automates and brings significant efficiency and transparency in the traditional, opaque rental supplier-customer dynamics.”
The startup plans to use the funds towards developing a global tech platform that supports customers as well as business partners.
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RentSher is also planning to use the funding for geographical expansion in some five to eight cities in India and the Middle East in 2018. The startup further aims to strengthen its team to scale up the brand’s value proposition for the benefit of the end customers.
Commenting on the fund-raise, Harsh Dhand, CEO of RentSher India, said, “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.”
Founded in 2014, RentSher is an online platform that deals in electronics, A/V equipment and medical equipment rentals. The startup also provides for concierge-like rental service for events. The marketplace also has special packages for personal or corporate requirements.
Apart from expanding to new cities and categories in multiple countries, RentSher aims to support the business and drive the operations by automating most of the processes, thus delivering a seamless and delightful customer experience through a unique front-end.
RentSher also provides services like costumes for school functions, equipments like projectors, furniture, party props and apparels.
In a media statement, the company claims to have overhauled over 60K customers and have delivered more than 100K products in the past three years across India and UAE. It will soon be expanding its operations in Saudi Arabia.
Further, the startup claims to have a steady 12-15% M-o-M growth in FY17, while increasing its number of services and products.
The startup competes with other online marketplaces for renting products like What’sOnRent, Rentomo, FlatFurnish and CityFurnish.