GrabOnRent plans to on-board 4,000 customers every month

GrabOnRent plans to on-board 4,000 customers every month

GrabOnRent, a Bengaluru-based on demand product rental marketplace, plans to on-board 4,000 customers every month from March 2017.

“Though the registered user base is around 15,000, we currently have 4,000 active customers, and plan to on-board 4,000 every month from March 2017,” GrabOnRent CEO Shubham Jain told DH.

Founded in September 2015, GrabOnRent closed its Pre-Series A round of $450,000 in July 2016, from Ivycap Ventures and Unicorn Ventures.

It helps users to rent products online, across nine categories, including home appliances (refrigerator, washing machine, microwave, LED TV), furniture (beds, mattresses, sofa set, dining table, wardrobes), event supplies (lighting equipment, sound equipment, projectors), gaming (PS4, PS3, Xbox, Kinect), adventure gear (tents, sleeping bags, rucksacks), party equipment (hookah, barbecue), cameras and lenses, bicycles and cool gadgets (hoverboard, pebble smartwatch, go pro).

 On expansion plans, Jain said, “We currently operates from Bengaluru and plan to launch in two other cities by the end of this year. Our prime focus will always remain on creating a business that makes sharing as easy as ordering online. This primarily involves driving people towards a behavioural change, from caring about ownership to thinking of accessibility to products as and when required.”

All these products carry a security deposit, which is refunded to customers at the end of the rental duration. This varies from 5% to 10% of the product cost.
GrabOnRent has tied up with over 150 merchants across Bengaluru.
It assists them with working capital to increase their ability to continuously supply the items.

On challenges, Jain said, “The rental space is very new, not just in India, but everywhere in the world. But the good news is that the used goods market in India is at $19.5 billion as of 2015, growing at a rate of 22% y-o-y. In a similar way, the product rental market in the US stands at $38.5 billion as of 2015, growing at a rate of 14% y-o-y.”

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