Rental marketplace RentSher raises $1.1 million in funding from Shorooq Investments, Latitude Consultants and other angel investors
Will allocate funds towards geographical expansion, strengthening its team & developing a global tech platform
In a development highlighting its exemplary growth potential, RentSher, a leading online product rental marketplace has raised a sum of $1.1 million in its latest funding round led by Abu Dhabi-based venture capital fund Shorooq Investments and Dubai-based Latitude Consultants. RentSher’s funding round also saw participation from angel investors of the LetsVenture platform, a senior partner from McKinsey & Company’s Middle East office, apart from more angel investors from the UK, UAE and Saudi Arabia. The company plans to allocate the funds towards developing a global tech platform that supports customers as well as business partners to further RentSher’s mission, Renting Made Easy. In addition to this, RentSher plans to use the capital infusion for geographical expansion in 5-8 additional cities in India and in the Middle East in 2018 along with strengthening its team to scale up the brand’s value proposition for the benefit of the end customers.
RentSher focuses on electronics, A/V equipment and medical equipment rentals through its online platform and offers concierge-like rental service for events. RentSher is marketing the concept of ‘Any life event, Simply Rent’, under which it provides customers anything and everything they may need on rent. The rental marketplace also offers special packages for various rental needs, be it for personal or corporate requirements.
Commenting on the capital infusion, Harsh Dhand, CEO of RentSher India, said, “Offline renting is a painful process with customers often struggling to zero in on the right products, gain price transparency as well as reliability. We are on a mission to transform this multi-billion-dollar market with our easy-to-navigate platform that enables customers to search from thousands of products online, browse all the details and book instantly without wasting their valuable time organizing rentals for their next party. All our business partners receive order bookings without spending time and money towards business development. With the latest round of funding, we are poised to further fulfill our mission of setting up the strongest technological foundation to cater to the company’s rapidly-increasing user base and make renting easy for all across new and existing markets.”
Mahmoud Adi and Shane Shin, Co-founding Partners at Shorooq Investments, said, “We are excited to lead the investment in RentSher and be a part of the company’s stellar growth journey. We believe RentSher’s business model automates and brings significant efficiency and transparency in the traditional, opaque rental supplier-customer dynamics. Needless to say, the rental market is a massive one that offers tremendous opportunity in India as well as in global markets. After three years of experience in providing rental equipment for a wide variety of needs in India, RentSher is best positioned for immediate expansion to other geographies along with the help of its strong tech team. The consistent month-over-month growth since RentSher’s launch demonstrates the potential of the rental concept as well as the company’s efficiency and dynamism.”
RentSher has serviced over 60,000 customers and delivered more than 100,000 products in the past three years across India and UAE. Vaibhav Doshi heads the Middle-east business and sees huge potential as they launch Saudi Arabia in a few weeks. The revenues have seen 12-15% month-on-month growth in FY 2017-18, with an increasing number of services and products being listed for rent. Apart from including new cities and categories in multiple countries, RentSher aims to support the business and drive the operations by automating most of the processes, thus delivering a seamless and delightful customer experience through a unique front-end.