Online rental marketplace Rentomojo now offers premium smartphones like Apple‘s iPhone X and iPhone 8, Samsung‘s S9 and Galaxy Note 8, along with Google Pixel 2 on rent through its platform. This new service is currently available to users in Bengaluru, Delhi, Gurgaon, Mumbai, and Noida, although the startup plans to expand to Chennai, Hyderabad, and Pune in the next quarter.
The startup is currently focused on premium smartphones and is in talks with other brands to expand its smartphone portfolio. It also plans to introduce affordable smartphones on its platform eventually. Alongside smartphones, it also offers smart devices on monthly rentals. It is planning to expand its smart devices category as it currently offers only Google Home.
Commenting on the new category, Geetansh Bamania, Founder & CEO, Rentomojo, said, “We are looking at this (category) accounting for 40% of our overall revenue at scale and increasing our customer base by 50% in the next few quarters.”
The phones are available for rent for monthly rental prices ranging from 2,099 to 9,299 for a period of 6, 12, 18, and 24 months. The users will also have to pay an initial refundable deposit at the time of booking the product. Along with enabling the consumers to lease the product, they will also have the option to buy the product, post the lease period, by paying a certain amount, which will be equal to the difference between the paid amount and actual price of the smartphone.
Rentomojo was founded by Geetansh Bamania, along with Achal Mittal, Ajay Nain, and Gautam Adukia in 2014 with its headquarter in Bengaluru. It claims to have 50,000 monthly active users. It is backed by some of the prominent venture capital firms in the industry including IDG Ventures, Accel Partners, Bain Capital Ventures, among others.
The startup had last raised $10 million in its series B funding led by Bain Capital in July 2017.