Online renting marketplace RentSher has raised $1.1 million in its latest funding round led by Abu Dhabi-based venture capital fund Shorooq Investments and Dubai-based Latitude Consultants.
The 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 newly raised funds towards developing a global tech platform and for geographical expansion. The company is currently operating in New Delhi and Bangaluru and further aims to expand in five to eight additional cities in India and in the Middle East this year.
“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 everyone across new and existing markets,” said CEO, RentSher India, Harsh Dhand.
Founded in 2014 by IIT Delhi and Oxford University alumni including Abhijit Shaha, Harsh Dhand and Karandeep S Vohra, RentSher is a marketplace for rental products which focuses on electronics, A/V equipment and medical equipment rentals through its online platform and offers concierge-like rental service for events. The rental marketplace also offers special packages for various rental needs, be it for personal or corporate requirements. It is operational in Bangalore and Delhi.
RentSher has served over 60,000 customers and delivered more than 100,000 products in the past three years. The revenues have seen 12-15 percent 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.
Earlier the company had raised more than $300,000 in seed funding round led by Dubai-based ex-McKinsey investor Vaibhav Doshi along with Abhay Singhal, co-founder of In Mobi, Vibhu Garg, co-founder and COO of Unnicommerce, Joby Babu, COO at Nimbuzz, Abhishek Acharya, general manager at Philips India, and Manish Shah of Wipro, UK.