While owning furniture was the preferred choice for the Indians with a settled lifestyle, Indian youth has grown to embrace the mobile life. This generation is seeking new opportunities for growth in new places.
This has fuelled the rise of online rental startups, specifically in the furniture segment. The younger generation is constantly on the move seeking out new adventures and opportunities in regards to their professional or personal life.
Renting out the essentials has become the new norm, rather than constantly packing and moving stuff all around. The online furniture rental startups in India are looking to leverage this opportunity to serve this growing market.
Here is the list of top 10 online furniture rental startups leading the industry:
Bengaluru-based furniture rental startup Furlenco was founded by Ajith Mohan Karimpana in 2011. The startup enables its customers to decorate their homes by renting out its furniture, designed by in-house experts. It operates on a subscription-based model, giving its customers curated packages with the option of free relocation and furniture swapping.
It is operational in Bengaluru, Mumbai, Pune, Delhi, Gurugram, Noida, and Hyderabad.
In February 2018, Furlenco raised $1.5 million in debt funding from a consortium of HNI’s.
Mumbai-based Pepperfy was founded by Ambareesh Murty and Ashish Shah in 2012. The startup began as an online furniture marketplace but last year, it expanded into the furniture rental segment. Its furniture rental business is currently operational in eight cities across India, including, Mumbai, Bengaluru, Delhi-NCR, Pune, Hyderabad, Chennai, Ahmedabad, and Chandigarh.
Pepperfy last raised ₹250 crores in fresh funding from an asset management company State Street Global Advisors in March 2018.
Gurugram-based online furniture rental startup CityFurnish was founded by Neerav Jain in 2015. The startup provides furniture on easy monthly rental, along with the rent to buy option. It also provides free delivery & setup, free relocation, free maintenance and free swap option to enhance the customer experience.
The startup is currently operational in Delhi-NCR, Bengaluru, Pune, and Mumbai.
In July 2016, CityFurnish secured an undisclosed amount of funds from Brand Capital, according to Crunchbase.
New Delhi-based furniture rental startup Fabrento was founded by Sidhant Lamba. The startup provides a platform to offer furniture on rent with free delivery and installation for its customer. It is currently operational in Delhi-NCR, Mumbai, Thane, Bengaluru, Chandigarh, Mohali, Panchkula, Jalandhar, Ludhiana, and Ambala.
Bengaluru-based online rental startup GrabOnRent was founded by IIT Guwahati graduates Subham Jain, Aditya Sharma, and Manish S Sugandhi in 2015. Along with providing furniture, it also offers home appliances, computers, and fitness products on rent through its platform.
The startup is currently operational in Bengaluru, Hyderabad, Mumbai, and Gurugram.
Bengaluru-based online furniture rental marketplace Guarented was founded by three IIT Kharagpur alumni Harshwardhan Raikwar, Abhimanyu Dikshit, and Prateek Agrawal in 2015. It aims to help its customers by providing affordable and quality furniture on rent through its platform. Currently, it is only operational in Bengaluru.
New Delhi-based online rental startup Rentickle was founded by Amit Sodhi and Vineet Chawla in 2015. The startup provides a one-stop rental solution for furniture and other home appliances. It claims to have more than 10,000 customers across Bengaluru, Delhi, Gurugram, Noida, and Hyderabad.
Bengaluru-based online rental platform Rentomojo was founded by Geetansh Bamania, along with Achal Mittal, Ajay Nain, and Gautam Adukia in 2014. The platform provides a wide range of furniture on rent at affordable prices. It claims to have more than 25,000 active customers across Bengaluru, Mumbai, Pune, Delhi, Noida, Gurugram, Hyderabad, and Chennai.
Since last month, Rentomojo started offering premium smartphones on rent, expanding its product offering.
Pune-based online rental startup RentOne was founded by Gaurav Goyal in 2015. It offers furniture and other products across various categories like bikes, laptops, cars, music instruments, and electronic items on rent through its technology platform.
Currently, the startup is only operational in Mumbai and Pune.
Gurugram-based online furniture rental startup Voko was founded by former OYO employees Bhuvnesh Sharma and Harsh Vardhan in 2016. It provides furniture and other home essentials on rent, focused on professionals and students. It is only operational in Gurugram.
Voko last raised an undisclosed amount of funds India Accelerator in November 2017.
In India, the furniture rental market is expected to be worth around $800-850 million. This market is only expected to grow, owing to the mobile lifestyle of students and working professionals, and the growing incomes.
The online furniture rental market is still fragmented, giving the early startups an opportunity to establish their stronghold, as the market grows.