Delhi-NCR based lifestyle products renting portal Rentickle.com has recently raised investment of approximately US$ 4 Million in a fresh funding round. The amount has been raised as a combination of equity and debt by the company.
The equity portion of this investment was led by Ajay Relan, Founder and Chairman, CX Partners and ThinKuvate, a Singapore based VC firm, with participation from existing investors. The provision of debt line for the investment has been extended by DMI Finance Pvt. Ltd., which is a Delhi-based NBFC.
Presently having operations in Delhi, Noida, Gurugram and Hyderabad, Rentickle is the third largest company in India’s online rental space, and has close to 10,000 B2C and B2B subscribers across the nation. The company was launched in Nov 2015 by Amit Sodhi, an alumnus of ISB Hyderabad having 16 years of leadership experience across diverse industries, and Vineet Chawla, an MBA with 25 years of leadership experience with top brands like Godrej GE Appliances, Whirlpool India, and Future Group.
“I believe the online rental space has tremendous growth potential in the coming years, given the change in demographics and increasing acceptance of the shared economy concept especially amongst Gen-X. However, timely recoveries are extremely crucial for the success of start-ups following this model. I was particularly impressed with Rentickle’s ability to build a strong technical platform for credit verification of customers, which in turn has enabled the company to enjoy extremely healthy recovery rates,” said Ajay Relan, Founder and Chairman, CX Partners, a leading Indian Private Equity firm.
“We are delighted to partner with Rentickle in their growth journey and are impressed with the their ability to simultaneously focus on growing revenues and building a winning team, while monitoring and controlling costs through strong processes,” added Harish Taori and Ghanshayam Ahuja, Managing Partners, ThinKuvate, , a Singapore-based early stage VC investment fund with key focus on technology startups in Singapore, India and South East Asia.
Founders of Rentickle.com, Amit Sodhi and Vineet Chawla said, “This fresh capital raised will be utilized towards geographical and product category expansion as well as for pushing internal growth. Raising this investment marks a significant milestone for us, as we see more strategic opportunities in the online renting space in the near future. We are committed to enhancing lifestyles by providing quality, variety, convenience, best customer experience and a compelling value for money proposition to clients across diverse demographics and geographies.”