RentSher, a Bangalore-based online rental marketplace has announced that it has raised $3,00,000 in its seed funding round, which was led by Dubai-based ex-McKinsey investor Vaibhav Doshi.
Along with Vaibhav, many other well-known entrepreneurs turned investors including Abhay Singhal, Vibhu Garg, Joby Babu, Abhishek Acharya, and Manish Shah has also invested in this round.
The raised funding will be used by the company for product development, fulfillment and growth. The startup also plans to expand its reach to new cities and strengthen its operations in existing cities.
The company was started by Abhijit Shaha, Harsh Dhand and Karandeep S Vohra, alumni of IIT Delhi and Oxford University. RentSher is a horizontal marketplace for rental products that provides end-to-end services from choosing and booking the product online to delivering and picking up.
It is a marketplace for rental products including fancy-dress costumes for school annual days, renting kids play areas and toys for birthday parties, home parties and apartment carnivals, renting laptops and projectors for small businesses, or renting projectors, speaker sound systems, televisions and barbecue grills for home parties.
The startup claims to have already fulfilled orders for Windmill Asia event, LIFE conference in 4 cities and Podar Jumbo Kids Annual Days for its 54 centres.
Harsh Dhand, co-founder and CEO of RentSher, said,
“Our vision is to make RentSher a platform that is at the intersection of sharing economy and on-demand economy with products delivered as and when our customers need them. We are building a strong team focused on sustaining 30-40% month-on-month growth that will enable us to reach 1000 orders/month this quarter itself and double it by next quarter.”
The company is currently operational in Bangalore and Delhi, and identifies that its customers ranges from parents, students and corporates. It claims to be fulfilling 18-20 orders in a day and has over 500 paying customers.