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.”