Online products rental marketplace RentSher, has raised $1.1 million in the latest funding round led by venture capital funds of Abu Dhabi-based Shorooq Investments and Dubai-based Latitude Consultants.
The Bengaluru-based startup also saw participation from angel investors of the LetsVenture platform, a senior partner from McKinsey & Company’s Middle East office, and others in the round.
The company plans to allocate the funds towards product development. Besides, it is also looking to expand into 5-8 cities in India and in the Middle East by this year.
Launched in December 2014 by Abhijit Shaha, Harsh Dhand, and Karandeep S Vohra, RentSher is a horizontal marketplace for rental products. It is currently operational in Bengaluru, Delhi, Gurugram, Noida, Hyderabad, and Mumbai.
Focused on electronics, A/V equipment, and medical equipment rentals through its online platform and offering concierge-like rental service for events, RentSher provides all home, office, event rental products delivered to your doorstep.
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RentSher claims to have serviced over 60,000 customers and delivered more than 100,000 products in the past three years across India and UAE. The company’s press statement also revealed that it maintained a 12-15 per cent month-on-month growth in revenue for FY18.
The fresh capital infusion comes for the startup after a gap of two and half year. Earlier, in February 2016, it raised $300 K seed fund led by ex-McKinsey investor Vaibhav Doshi along with Abhay Singhal, co-founder of In Mobi, Vibhu Garg, co-founder and COO of Unnicommerce, Joby Babu, COO at Nimbuzz, and others.
A host of startups such as RentSetGo, GrabOnRent, RentoMojo, and Rentomo are also operating in this segment.