Furniture renting platform Rentickle raises ₹26 crore in equity and debt funding

Must Read

Sanju Samson to replace Shikhar Dhawan in T20 series against WI

Sanju Samson will replace injured Indian opener Shikhar Dhawan in the T20s series against West Indies starting from next...

Supreme Court lashes out on Centre & Delhi govts for Rising Pollution

The Apex Court of the Country, the Supreme Court on Monday lashed the Central and State Government for their...

Harbhajan Singh wishes BCCI Prez Sourav Ganguly to change Selection Panel

The Indian off-spinner Harbhajan Singh on Monday urged Sourav Ganguly, President of BCCI (The Board of Control for Cricket...

Rentickle, an online platform for lifestyle products renting, has announced that it has raised around ₹26 crore ($4 million) in a new funding round led by Ajay Relan, chairman of VC firm CX Partners, and ThinKuvate, a Singapore-based venture capital firm.

The funding round was raised in a combination of equity and debt. The capital raised in the current round will be utilised for geographical and product category expansion, and for pushing internal growth.

According to the reports, the equity and debt funding ratio is around 45:55. Relan and ThinKuvate, along with the existing investors have participated only through equity. Debt line has been extended solely by DMI Finance, a Delhi-based NBFC.

The startup will use the funds to expand its services to more cities, along with enriching its product category. Amit Sodhi, co-founder of the company, said:

Raising this investment is significant for us, as we see more strategic opportunities in the online renting space in the near future.

Ajay Relan, who invested in the current round, said,

The online rental space has tremendous growth potential, given the change in demographics and increasing acceptance of the shared economy concept especially amongst generation next. However, timely recoveries are extremely crucial for the success of startups following this model.

Rentickle was founded by Amit Sodhi and Vineet Chawla in 2015. Sodhi’s previously founded, a homeopathy medicines platform, which was acquired by online drug marketplace in 2015.

The platform offers furniture including beds, bookshelves and sofa sets as well as home appliance products like refrigerator, TV and washing machine. It claims to have around 10,000 subscribers across the four cities it operates in — Delhi, Noida, Gurgaon and Hyderabad.

Earlier, the furniture rental platform had raised around $250,000 in Seed funding from a clutch of angel investors in May 2016. It competes against the likes of RentoMojo, CityFurnish, GrabOnRent, FlatFurnish and Furlenco, among others.

- Advertisement -

Latest News

Food aggregator unicorn Zomato will reach profitability by 2020, says co-founder Deepinder Goyal

Deepinder Goyal, co-founder and CEO at Zomato, a food aggregator and tech-food unicorn, has announced that the platform will...

Mutual funds investment marketplace Nivesh raises $600,000 from The Next Billion Fund, other marquee investors, mutual funds investment marketplace, has bagged $600,000 (approx INR 4 crore) from Windrose Capital's The Next Billion Fund, other marquee investors, reported Yourstory. The...

Delhi Fire Tragedy: Owner of the building arrested

Rehan, the owner of the building where a fire broke out in Delhi earlier today, has been arrested by Delhi Police. A case has...

Amit Shah to table Citizenship bill in Lok Sabha tomorrow

Union Home Minister Amit Shah will table the Citizenship (Amendment) Bill in the Lok Sabha on Monday. The bill seeks to grant Indian citizenship...

Delhi fire tragedy: How it all started

More than 140 illegal factories were operational in the narrow lane of Anaj Mandi of Karta Gauri Shankar. The fire started from the 600sq...
- Advertisement -

More Articles Like This