Hyderabad: GrabOnRent, an online product rental service, on Monday said it plans to raise $5 million in series A funding to fuel expansion plans. Chief operating officer Manish Sugandhi said GrabOnRent is now looking to close a Series A funding of around $ 5 million in the coming few months.
The company on Monday announced the launch of its services here, and said it has served more than 8,500 customers in Bengaluru alone, adding, it’s eyeing expansion across the country.
“Our lean business model has helped us in growing at a rapid pace in Bengaluru. We have grown 10X since the time we raised our seed capital, with a 35% MoM increase. We are planning to launch our services in three more cities this year”, he said.
Conceived in September 2015 and funded by IvyCap Ventures and Unicorn India Ventures, GrabOnRent offers furniture, household appliances, electronics, bikes, party and event equipment on rent.
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Shubham Jain, CEO, GrabOnRent, said, “There has been a tremendous rise in the renting economy, both vertically and horizontally. Awareness and acceptance among people for rented goods has been a major driver of this growth. Also, with a rise in mobility for education and career opportunities, renting becomes the preferred option to access products without having to spend upfront on purchasing.”
“We have collaborated with over 400 vendors in the two cities”, Jain added.