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RentOnGo, a Bangalore-based online marketplace for renting bikes, electronics and appliances, has raised an undisclosed amount in angel funding from Snapdeal’s chief product officer Anand Chandrasekaran, GSF India founder Rajesh Sawhney, TrendIn head Shiva Pare and Interweave Consulting Partner Kalpana Tatarvati.
The startup plans to use the capital to enter new cities and focus in expanding the bike rentals category by garnering more supply and providing value-added services to customers.
RentOnGo earlier started as a horizontal marketplace in a lead-gen model to rent furniture, appliances, adventure gear, fancy dress, wedding chairs and more, by vendors. However, earlier this year, the company pivoted to a fulfilment model with an app to rent only bikes including motorbikes, scooters and bicycles.
The startup was founded in 2013 by former Infosys executive, Nikhil Chhabra and former Goldman Sachs executive, Vikash Jalan.The two share the same vision over the concept of shared economy and renting in India. They believe that India has a large number of aspirational youths who cannot or do not want to spend on buying everything, hence a heavy demand for renting almost anything.
Currently, the service is available in four cities including Bangalore, Hyderabad and Pune. Its Android app is only available to lend bikes on rents whereas, the web platform caters to renting other categories as well. It was also a part of GSF’s m-accelerator of 2015 batch.
Besides, RentOnGo, there are few others operating in the same space including irentshare, Bhaadepe, Ayadu and also LocalCircles, which is working a bit similar model.irentshare, Bhaadepe, Ayadu and also LocalCircles, which is working a bit similar model.
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