GrabOnRent, a Bangalore based product rental marketplace announced the launch of its operations in Mumbai and Gurgaon. The urban Indians can rent products from its vast product category ranging from Home and Office Furniture, Home Appliances, Fitness Equipment, Laptops & Computers, Bikes, and Event Supplies. The service includes free door step delivery and installation along with free maintenance. It rents out products on monthly subscription fee. The company has 200+ and 150+ partners in Mumbai and Gurgaon respectively, offering more than 300 products on rent.
Speaking at the launch Shubham Jain, CEO, GrabOnRent said, “Due to the availability of employment and better education facilities, we have seen a huge influx of people migrating to cities like Mumbai and Gurgaon. GrabOnRent caters to such audience who are looking for an economical yet quality living. We are excited to extend our operations in these cities to help our audience switch to a better lifestyle by getting access to high standard products on rent.”
According to the recent survey by GrabOnRent, 45% of Mumbaikars prefer rentals while furnishing their homes while 50% of Delhiites prefer to buy second-hand items. While renting products Mumbaikars prefer better service and convenience while Delhiites prefer pricing over other facilities.
Set up in September 2015 and backed by IvyCap Ventures and Unicorn India Ventures, GrabOnRent is eying market leadership in Indian online rental space by being the largest marketplace for renting. They are ramping up their operations pan India by adding their operations in two big cities Gurgaon & Mumbai. By end of year, the company will be present in 6 major cities in India including Chennai and Pune to an already existing portfolio of 4 cities.
The vast product categories has generated a healthy rate of 22% MOM growth and aims to serve 1 lakh plus customers in next 3 months. The brand so far has served 35000 customers and is the only player in the industry with a highest customer repeat rate of 24.6%. The company aims to control 50% of the total market share of the organised business segment by FY18-19. By the end of this year the company is looking to achieve 100 Cr plus revenue.