Online rental marketplace RentOnGo raises USD 234K from TVS Motor Company
Founders: Nikhil Chhabra and Vikash Jalan
Founded in: 2012
Financing status: USD 234,000 for undisclosed funding round in 2017
Bangalore-based online rental marketplace RentOnGo has raised USD 234,000 from TVS Motor Company, a Chennai-based two-wheeler manufacturing company. The investment resulted in TVS Motor acquiring a 24% stake in the startup.
RentOnGo was founded in 2012 by Nikhil Chhabra, CEO and Vikash Jalani, CTO. Chhabra was previously employed at HCL Technologies and CitiBank. Jalan was previously employed at Goldman Sachs and Infosys.
The platform connects renters directly with the vendors and owners looking to rent out their products. Users can search for products from as many as 15 categories, including bikes/scooters/cars; electronics and appliances; home and office furniture; medical supplies; event supplies, travel gear, and more. The platform offers users both pick-up and delivery options.
The startup, operated by Condivision Solutions, is present in Bangalore, Hyderabad and Pune, with recent expansions to Delhi-NCR and Mumbai.
The new funding will be used to expand its operations, ramp up the technology platform and broaden its marketing initiatives. TVS Motor said the investment is part of its strategy to gain a foothold in the emerging pay-by-service model targeting two-wheeler users.
(Top photo from Pixabay)