Bengaluru: There are times when people tend to forget stuff that they might need on their trips, or want to try a product before buying. Not just this, if they have relocated to a place temporarily or have a house party tonight and need furniture, they need not be troubled. For now there is a solution. In order to revive the concept of borrowing from neighbours, Rentomo is constantly evolving as a sharing platform to meet people’s everyday needs.
Rentomo is a renting platform accessible through website and android phone application that enables people to borrow the things they need from people residing in their vicinity. It provides a platform that allows users to borrow or rent out everyday items they may only occasionally need, such as a drill, ladder, camera, bicycle, travel bag, etc, to people in their trusted network. The company is based on the concept of ‘why buy when you can borrow’ since there is hardly any need to purchase a private set of consumer items, like a hammer, a tent, a badminton racket, which everyone has but lies unused most of the time. Rentomo encourages people to share such stuff with trusted members living in the nearby areas through their technology-enabled platform.
The team comprises five people – Anshul Johri, founder (ex-Amazon) and others who hold finesse in the areas of web, mobile app, marketing and operations.
With Bangalore being their primary focus area, they are boosting their popular categories like travel, sport and fitness, motorbikes and electronics across other cities too. Overcoming the challenges of understanding consumer behaviour for each category, the experts at Rentomo are endeavouring to touch the user base of 10K in the next three months with 2.5K items listed on their sharing platform. In spite of their focus in Bangalore, they have successfully transacted in Delhi, Gurgaon, Pune and Lucknow thereby reinforcing the power of social sharing.
Being an unlikely concept that aimed the revival of sharing over purchasing, Rentomo got the seed funding $100K from Shiva Ashok, an angel investor (IIT alumni) and another UAE-based investor.
Having launched the public beta version in August 2015, they moved to a stabilized platform with more features. The success and ever-increasing traction rate led to the launch of android mobile app contributing to the ease of always on-the-go generation. Rentomo has plans of adding payment, delivery and insurance of items in the coming months.
In a span of six months of operation, they have developed a pool of 4000+ verified registered users, 300+ listings, close to 250+ transactions. Their concept has resulted in B2C partnerships and has brought 30 vendors on board. Rentomo is witnessing a growth of 30% every month in terms of transaction, user registrations and listings. Their effective services and professional approach has led to a high rate of their repeated users, that is, without spending hefty on marketing costs.
Rentomo claims to be the bridge that brings borrower and lender together by helping people rent out their not-so-used stuff as well as borrow items they wish to use once in a while. By connecting people to the members of a trusted community, Rentomo offers them the ease of sharing without having to run from pillar to post in search of products. It is a pool of dependable people to whom people will be renting out their valuable stuff or from whom they will be lending stuff – this is done to ensure the safety of the product.