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Online Renting Platform RentSher Secures USD 300K Seed Funding
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NewsVoir | 15 Feb, 2016
Online rental marketplace RentSher has raised more than $300K in seed funding. The round was led by Dubai based ex-McKinsey investor Vaibhav Doshi along with a clutch of other well known entrepreneurs turned investors including Abhay Singhal, Co-founder of In Mobi, Vibhu Garg, Co-founder and COO of Unicommerce, Joby Babu, COO at Nimbuzz, Abhishek Acharya GM, Philips India and Manish Shah of Wipro, UK.
RentSher is a horizontal marketplace for rental products with end to end services from choosing and booking the product online to delivery and pick-up. It is currently operational in Bangalore and Delhi. Through its wide range of products and reach all over Bangalore and NCR, RentSher solves the needs of range of customers. RentSher customers range from parents booking a single costume for their kid for school function to cultural events at apartments or home parties to PAN India multi-day large corporate events.
RentSher is founded by alumni of IIT Delhi and Oxford University – Abhijit Shaha, Harsh Dhand and Karandeep S Vohra. Together the founding team holds 40 years of experience in diverse business areas and corporates like IBM, Philips, PWC. The funds will be used in equal parts for product development, fulfilment and growth. “We will strengthen the platform and build some of the industry defining features such as geo-tagging and supply chain automation.†says Abhijit, President of Product and Strategy.
According to RentSher CEO Harsh, “RentSher’s strong supply side and operations capability have enabled us to fulfil even large orders such as Windmill Asia event which saw 10000+ visitors, LIFE conference in 4 cities and Podar Jumbo Kids Annual Days for its 54 centres. Our vision is to make RentSher a platform that is at the intersection of sharing economy and on-demand economy with products delivered as and when our customers need them. We are building a strong team focused on sustaining 30-40% month-on-month growth that will enable us to reach 1000 orders/month this quarter itself and double it by next quarterâ€
“We are looking to expand the reach of RentSher in India, by expanding to new cities as well as strengthening our reach and operations in existing cities. The goal here is to build scalable yet sustainable operations in each city rather than spreading too thinâ€, says Karandeep who is responsible for geo-expansion and is currently leading the operations in Delhi.
“The model that RentSher is pioneering is impressive and the team has right approach towards itâ€, says Vaibhav. “The need for rentals across these categories exist not just in India, but almost everywhere in the world. The product and business model the team is developing has real international potential and that excites me the most. We would soon be looking to develop a plan for geo-expansion of the company within and beyond India†said Vaibhav.
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