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RSIN FlexiRentals

Events, Electronics, IT and AV equipment

India
Market: Appliances, Computers, office equipment, Services
Stage of the project: Operating business

Date of last change: 08/24/2019
Min investment
$  250.000
Total required
$ 2.500.000
Rating
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Idea

India's largest curated and fulfilled marketplace for Events, Electronics, IT and AV equipment. Currently serving over 100,000 customers in 10 cities. 250 startups and SMEs for their Events and IT needs. Also present in UAE and Saudi. India's only rental company in 3 countries

Current Status

RentSher is India and UAE’s only omni-channel Rental Concierge Service and caters to customers looking for rental solutions for events, electronics, A/V, and medical needs. Initially conceived of a peer-to-peer rental marketplace, we found ourselves shifting focus to cater to existing rental businesses as a platform and enabler. Today, RentSher works on a vendor-led model which lists products available for rent from a variety of vendors and across various locations, allowing vendors to receive orders from customers through the platform. The company is providing a one-stop-shop for rentals with easy discoverability, full transparency and doorstep delivery. Living up to its “Renting Made Easy” mission, RentSher makes renting products as easy as booking bus or movie tickets.

Today, 700 vendors across 10 cities in the two countries provide rental products and services through RentSher. Over 100 SMEs and startups and more than 60,000 customers have made use of RentSher’s services. This year alone we have provided rentals for more than 3000 events.

Market

RentSher is part of a $40-50 Bn$ rental industry. Our aspiration is to be the global leader in short-term/mid-term rentals and provide unique technology-driven solutions to customers, vendors and asset owners. With it, we should be making renting so easy that it becomes part of everyday life - like ordering food online or booking a cab. Before technology-led disruption, these were also cumbersome, disorganized, and inefficient market sectors. Today, companies like Zomato and Uber have changed how we even conceive our consumption choices. We wish to do the same.

While we have global aspirations, the immediate focus is to reach 12-15 cities in India and 8-10 cities in Middle East in next 12 months. The next big addition will be launch of our operations in Saudi Arabia in Q3 2018. We are also working on further strengthening our one-stop-shop value proposition by deepening our category specific offerings and adding more product lines under existing categories.

Problem or Opportunity

Rental for events, electronics and costumes has existed for many years but has traditionally been an offline, fragmented and seasonal market. The vendors and asset owners active in this arena were not very comfortable with transacting or operating digitally. On the other hand, customers have become more tech-savvy than ever before, and want everything available to them online. When we started operating as a peer-to-peer platform and had vendors asking us if we could list their wares, we realised that we could really fill up a large market gap.

Solution (product or service)

By providing convenience and transparency to the market, we were able to make an immediate and tangible difference to this ecosystem and customers and vendors instantly fell in love with our platform. Their positive feedback, the smile on the face of a parent while watching their child react to a rental costume or party decorations, and the work of companies like Airbnb which opened up the sharing economy were all constant sources of inspiration.

Competitors

No direct competition in the short term rental space. CORT in US caters to Event furnitures the way we do. There are several small IT vendors but they are mostly offline.

Advantages or differentiators

There are a few global players like Cort in US for Event furniture and Fatlama in UK for all rentals P2P.
Our key USPs are-
Flexible renting - you can choose to rent with daily, weekly, monthly options to match your requirement and provide the lowest rental applicable.
Asset Light model - working with over 700 vendors that are providing 10K+ products, RentSher is able to provide inventory worth millions of dollars to customers
Customer Focused - Our central teams works like a concierge desk, providing services and products to people who need them
On time delivery - As we deal with events, timely delivery and setup of products and services is very important. Through assiduous quality control and our reliance on experienced vendors in our network, we are able to deliver.

With our USP we have been able to serve prestigious brands like Adobe, Mercedes Benz, Cuemath, LabourNet, Signal2Noise, Xseed Education, and Zomato in India. In the UAE we have provided event rentals to key venues, Govt. institutions, royal palaces as well as large corporations such as Oracle, IBM, McKinsey, Landmark group etc.

Finance

RentSher has raised more than $2Mn, delivered 100,000+ rentals and works with more than 1200 vendors / asset owners in 3 countries. With more than $250 Mn of assets online and ~350K Sq Ft of warehousing access at no cost the team has accumulated the required knowledge of products, processes and rental industry nuances needed to move business from offline to online. Further, the lack of competition in current markets (with $15Bn+ market size) as well as US and UK provides a strong growth opportunity.

Business model

Main source of income is the commission for the value added services we provide such as product listing, order placement, delivery & pick up. The owner of product pays commission of 25% and the renter pays for the delivery charges. Enterprise business or tie-ups with schools, hotels, and event places are also good sources of revenue. Future sources of income could include premium/sponsored listings, cross promotions and more

Money will be spent on

5X growth in Revenues, building long term technology assets, Brand building and marketing.

Offer for investor

20% stake in INME PTE Ltd - Parent Holding company for RentSher in India, UAE and Saudi. Pre Money Valuation of only $20M (Last round raised at $10M). We are now raising $5Mn Series-A funding to deliver the combination of consumer and channel partner applications, SaaS platform for asset owners, curated products and a brand synonymous to rentals for events, electronics and equipment. We have ~40% soft commit (incl. from existing investors) and expect to close by October 2019.

Team or Management

Risks

We are scaling up both the B2C and the B2B business verticals, with clients in both. While the market is attractive, we might have to put funds behind one or the other.
On Asset Investment side, we are working on a larger plan since some categories could face quality and scaling issues with vendors alone

Incubation/Acceleration programs accomplishment

Selected in First Batch of NASSCOM Startups in India, NUMA Accelerator first batch, Google Accelerator & working space for Middle-East.
Partner with CoWrks, 91 springboard, WeWorks, in India

Won the competition and other awards

Winner of Best Pitch Award at LetsIgnite- India's largest Startup competition in 2017.
Winner of Best Startup at Top Business Schools- IIM in India

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Photo 1 - RSIN FlexiRentals

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address