The Funding Will Be Utilised To Expand The Startup’s Geographical Reach And Drive Internal Growth
Rentickle, an online rental platform for furniture and home appliances, has raised $4 Mn in a funding round led by Singapore-headquartered VC ThinKuvate and CX Partners Chairman Ajay Relan.
The round also saw the participation of existing investors. As per reports, the equity funding was raised entirely from ThinKuvate and Relan, along with the startup’s existing backers. The debt line, on the other hand, has been secured from Delhi-based NBFC DMI Finance.
The fresh capital has been secured through a combination of equity and debt in the ratio of around 45:55.
Confirming the fundraise, Rentickle co-founder and CEO Amit Sodhi said, “Raising this investment is significant for us, as we see more strategic opportunities in the online renting space in the near future.”
As stated by Sodhi, the financing will enable Rentickle to expand its geographical reach and bolster its product portfolio. A portion of the investment will also be utilised to drive internal growth.
Relan said that his decision to invest in Rentickle was influenced by the fact that the startup has a strong technical platform for customer credit verification, which in turn ensures healthy recovery rates. He added, “I believe the online rental space has tremendous growth potential in the coming years.”
Founded in 2015 by Vineet Chawla and Amit Sodhi, Rentickle is run and managed by AVA Lifestyle Products and Services. Operating in four cities – Delhi, Gurugram, Noida and Hyderabad, the startup serves as a one-stop shop for renting furniture, appliances and other home furnishing essentials.
Prior to the current financing from ThinKuvate, Relan and DMI Finance, the furniture rental platform had previously raised $250K Seed funding from a clutch of angel investors in May 2016.
In July this year, Bengaluru-based consumer leasing startup RentoMojo raised $10 Mn in Series B funding from Bain Capital Ventures and Renaud Laplanche. It had earlier secured $5 Mn Series A funding from IDG Ventures and Accel Partners in July 2016.
Other startups in the furniture and home appliances rental segment include CityFurnish, GrabOnRent, FlatFurnish and Furlenco, among others. With the newly-raised funding from ThinKuvate and Ajay Relan, Rentickle is gearing up to expand its footprints across major cities in the country.