Rentickle.com, an online platform that allows users to rent lifestyle products including home appliances, furniture and cameras on a monthly subscription model, has raised around USD 4 million (INR 25 crore) in a fresh round of funding.
The company raised the amount in a combination of equity and debt, it said in a statement.
The equity portion of the investment was led by Ajay Relan, founder and chairman, CX Partners and ThinKuvate, a Singapore-based venture capital firm, with participation from existing investors. DMI Finance Pvt. Ltd, a Delhi-based non-banking financial company, provided the debt capital.
“The online rental space has tremendous growth potential, given the change in demographics and increasing acceptance of the shared economy concept especially amongst generation next. However, timely recoveries are extremely crucial for the success of startups following this model,” Relan said.
The startup will use the funds to expand its services to more cities besides enriching its product category, it said.
The startup claims to have around 10,000 subscribers across the four cities it operates—Delhi, Noida, Gurugram and Hyderabad.
Furniture renting has been one of the key vertical e-commerce businesses that have attracted significant venture capital investment over the years in India.