Rentomojo, an online platform providing rental services for furnitures, has today announced a new category under which it will now also offers bikes on rent. This is in addition to the company’s offerings of furniture and appliances.
‘Bikes on lease’ service will be offered by the company in select cities, including Delhi-NCR, Mumbai, Bangalore and Pune. As per a survey conducted by the company, these are the cities where 80% of the population uses two-wheelers for commuting and transportation. The survey also revealed that an average two-wheeler user saves up to Rs 1000 and shaves off time spent on commuting by 25-30 minutes, every month.
With the rise in the needs of millennials that are constantly moving places in search of better prospects, the timing seems to be pretty good for the startup. Thanks to the startups like Rentomojo, bachelors can remain-burden free and own less and rent more so that the hassle of maintenance and disposal when not in use can be avoided.
Commenting on this, Geetansh Bamania, CEO and founder, RentoMojo said,
While older generations grew up, also thinking in parallel about houses and car ownership as necessary accomplishments, millennials have scaled back on material possessions and big purchases. With challenging lifestyles and tough jobs, they look at living and transportation options differently and make a significant use of sharing economy. With these evolving lifestyle trends, our aim at RentoMojo is to provide accessible and hassle free solutions to this generation.
So far, Rentomojo has raised $7 in two funding rounds. It raised $2 million in its seed round in November 2015, and then it raised $5 million in Series A round last year. Both rounds were raised from Accel Partners and IDG Ventures India.
By introducing bikes rentals, the company has now gained an edge over its competitors which are operating in a single category — furniture. The rental market in India is still in a nascent stage with unorganised vendors and payment networks aplenty. Lately, many startups have surfaced in this space aiming to change the way it works. For its core offering, Rentomojo competes against the likes of Cityfurnish, Furlenco, Rentongo, etc.
