Delhi-based Rentickle, the lifestyle rental startup has raised $4 million in a fresh round of equity and debt funding led by Ajay Relan, chairman of VC firm CX Partners, and ThinKuvate, a Singapore-based VC firm.
Relan and ThinKuvate, along with the existing investors have participated only through equity. Debt line was done by Delhi-headquartered NBFC firm DMI Finance, reported ET.
Owned and operated by AVA LIFESTYLE PRODUCTS AND SERVICES PVT LTD, Rentickle will use the latest proceeds to expand its geographies, product category, and for pushing internal growth.
Founded in November 2015 in Delhi NCR, Rentickle is focused on enhancing the lifestyles of consumers by providing on rental basis brand new lifestyle products like Home Appliances, Furniture, Sports gear etc.
Earlier, it raised $250,000 in an angel round, which was backed by industry veterans Manish Kheterpal, Managing partner at WaterBridge Ventures, Mr Vinay Mittal, Chief Financial Strategy Officer of HT Media, Mr Dinesh Mittal, Chief Legal Counsel HT Media and Mr Sandeep Gupta, General Manager, Emerging Asia, Microsoft, Singapore.
The rental market is highly dominated by players like Furlenco, Rentomojo, CityFurnish. Mumbai-based Pepperfry, a furniture, and home furnishing marketplace is also planning to explore furniture rental space as it aims to strengthen volumes and increase its customer base.
Of all the existing players, Furlenco is one of the most prominent players in the space. The platform claims to clock an average ticket size of Rs 3,000 and is looking to break even by March 2018.
According to a Redseer Consulting report, the home furniture industry is a $25 billion market altogether, of which $250 million is online. However, by 2020, the home furniture industry is supposed to be worth $35 billion on the whole, with $700 million of it being online.