GrabOnRent, Bangalore based renting startup which provides on-demand rental services with a marketplace model, has raised an undisclosed amount in Pre Series A funding from IvyCap Ventures and Unicorn India Ventures. The raised funding will be used to get more vendors on board along with user acquisition and product development.
Speaking on the development, Vikram Gupta, Founder & managing Director of IvyCap Ventures stated that this is one of the first few investments by the Trust Fund II by IvyCap ventures. For the early stage investments, we have allocated INR 60 Crores ($9 Million). The idea and marketplace model of GrabOnRent attracted us to invest in the platform.
As part of the investment, Prayag Mohanty (VP of IvyCap Ventures) and Bhaskar Majumdar (MD at Unicorn India Ventures) will join the board of the startup.
GrabOnRent, founded in September 2015, is an online marketplace connecting the rental providers to the users. It takes care of the payment, delivery and the product quality check. The categories covered on the portal include furniture, appliances, cameras and other adventure gears. Also, it helps the event organizers arrange the necessary supplies on rent.
Speaking to the media, Manish S. Sugandhi, COO GrabOnRent stated that the supplier base of the startup has been quick in implementing the technology. Also, he added that there are enough viable solutions available if the need of a product is limited. GrabOnRent works on the same model to aware the users against the need of buying the item if it is not going to be used as a long term option.