Right from the older times, the method of renting and sharing one’s belongings existed in one form or the other. Sharing and renting are advantageous as the cost of purchase or damage of any good is somewhat eased. Life earlier was more social in contrast to the life these days which dominantly revolves around social networking sites and depends on the internet. Today, almost everyone is stuck either to a computer screen or to a smart phone. Sharing stuff with someone outside is almost like an idea totally unfeasible.
If sharing goods is plausible via the internet just from where you are, on a computer or an app on a smart phone, wouldn’t it be great? According to a study published by OLX the second hand goods market is worth Rs.1000 cr in India. Renting a good definitely has a huge potential in such market. Anything that you own and isn’t being used can make money. Anything that you couldn’t afford to buy can now be accessible.
IRentShare provides a platform where goods can be rented or shared online. It is a peer to peer renting/sharing platform allowing individuals and companies to offer their goods for rent or share with logistical support if needed. A suitable rent can be charged in ‘Rent’ with ‘Share’ offering the possibility to help people in need and earn goodwill. Also, logistics, legal, payment and verification services are available with IRentShare.
Rishab Kapoor who has formerly worked in a solar startup company, Infinia Solar India, think tank CEEW (Council on Energy, Environment and Water) and has carried out research assistance at the Solar Energy Centre, India where he worked on a UNDP-GoI project, along with Vardhman Jain who has previously worked in operations at Goldman Sachs, Bangalore and mid-sized consulting firm, decided to give this venture a shot!
If more people could get access to goods they need but cannot afford, it could make a real difference in their lives and help change things in new ways. IRentShare lets onerent a wide range of items pricing upto Rs.2 lakhs including books, cameras, mobiles, computers, TV, audio and video, musical instrument, furniture, home and kitchen goods, sports goods, clothes and accessories, travelling gear, power tools and equipment, fitness equipment and medical equipment. Renting companies are also listed.
IRentShare operates on a simple basis. Owners who want to rent/share have to sign up for free and post the goods online. And, if you are a renter you just have to find what you are looking for and send a request for renting/sharing the good. A good can be reserved by paying a monetary deposit once the owner accepts the request. Both the owners and renters get each other’s contact details mutually and a copy of government ID for verification is collected by IRentShare. Also, the good is collected from the owner and delivered to the receiver by IRentShare. Then, the owner gets the rent minus a small website cut and the renter receives back the deposited money minus the rent charged when the good is delivered back to the owner. Sharing goods doesn’t involve any money or rent. Currently, payments are accepted via net banking or cash. Credit and debit card service is to be introduced soon.
IRentShare gets 15% per transaction, but this doesn’t apply when items are shared.
Initially, all major goods except automobiles and real estate are being offered starting with selected places in the city of New Delhi and will be soon expanding throughout the country. Currently it has listed close to 8 companies within Furniture, Electronics, Cameras, Clothes, Travelling Gear, Gaming etc. It is live with categories including Books, Cameras, Mobiles, Computers, TV, Audio and Video, Musical Instrument, Furniture, Home and Kitchen Goods, Clothes and Accessories, Travelling Gear, Medical Equipment etc.
IRentShare has a community model where goods can be rented within the community for security and trust. Owners feel more secure when a distant colleague or someone from their hostel is using the product. While providing security to the products, the owners have the right to share/rent their stuff with anyone and within different communities. Sharing communities within Schools, Colleges, Corporates and Housing Societies have been built. Website networks with institutions likes IIT Delhi, JNU, LSR, AIIMS, and AIESEC have already been launched and tie ups with corporates like Deutsche Bank, Adobe, Dell, Ernst n Young etc. have been confirmed.
In India there are few others operating in the same space including Rentongo.com, Bhaadepe, Ayadu and also LocalCircles which is working a bit similar i.e. creating communities but not for physical products.
The service firm has also bagged awards at the Technical Section at the IIT Delhi National Business Competition and the ‘Global Entrepreneurship Summit’ IIT Kharagpur, India’s largest entrepreneurship event.