Rentickle is an online furniture and home appliances rental startup. The startup announced yesterday (04/11/2017) that it has raised US $4 million in Series A round of funding from the Singapore – based VC firm, ThinKuvate and CX Partners Chairman, Ajay Relan. The startup’s existing investors are also reported to have participated in that round of funding. The US $4 million was raised through a mix of equity and debt investment in the ratio 9:11. Read more on Investments
“Raising this investment is significant for us, as we see more strategic opportunities in the online renting space in the near future”, Rentickle co – founder, Amit Sodhi said.
According to Mr. Sodhi, the startup will use the funds for upgrading its technology platform (mobile app), increase its presence worldwide and include more types of furniture and home appliances on its mobile app for customers to rent. Ajay Relan said that the startup has a strong technology platform (mobile app) and good customer reviews or ratings apart from having great scope for growth in the future, which is what had prompted him to invest in the startup.
“I believe the online rental space has tremendous growth potential in the coming years”, Ajay Relan said.
Rentickle was founded in 2015 by Vineet Chawla and Amit Sodhi. The startup currently operates in 4 cities namely: Delhi, Gurugram, Noida and Hyderabad. Prior to this round of funding, Rentickle had raised US $250,000 in Pre Series round of funding from a clutch of angel investors during May, 2016.
The other online furniture rental startups to get funded include the furniture rental startup, Furlenco, which secured US $30 million in Series B round of funding from LightBox Ventures during October, 2016. The online furniture rental startup, Cityfurnish, raised an undisclosed amount of seed funding from Brand Capital during July, 2016 just to name a few. Read more on Startup News