Bangalore-based peer-to-peer renting marketplace, Rentomo, has raised $100K in a seed round of funding from Shiva Ashok, an executive with UK-based project engineering consultancy Amec Foster Wheeler, and a UAE-based investor.
Founded in 2015 by Anshul Johri – a former Amazon engineer, Rentomo, is an online peer-to-peer sharing platform.
The startup provides a platform that allows users to borrow/rent everyday items that they may need occasionally – like a drill, ladder, camera, bicycle, travel bag etc. and that too to someone in their trusted network. The startup helps users in renting out their not-so-used stuff as well as borrow items.
Within 6 months, the startup has over 4000+ verified registered users, 300+ listings, and gets about 250+ transactions. Besides, it has also started B2C partnership and have on boarded 30 vendors from Bangalore and are getting a 30% growth month-on-month in terms of transaction, users registration and listings.
Speaking on the development, Anshul Johri, founder at Rentomo said, “Bangalore is our main target right now. We are also focusing on boosting our popular categories like travel, sport & fitness, motorbikes & electronics. Every category has their own challenges and we need to understand the customer behavior for each category. We have plans to touch our user base to 10K in next 3 months and 2.5K items listed on our platform.”
In the recent development, the company has launched its android app and is now planning to add payment, delivery and insurance of items in the coming future.