It was in September 2015 when Shubham Jain, Manish Sugandhi, Aditya Sharma, and Nikunj Agarwalla helped to establish GrabOnRent, an online item rental startup. After five years, in September 2020, the startup shut down. The Bengaluru-based startup, which checked Ivycap Ventures and Unicorn India Ventures as its sponsor and brought more than $10 million up in the red and value in the course of the most recent five years, triumphed when it's all said and done its keep going functional day on September 30. When reached, Shubham Jain affirmed the turn of events.
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GrabOnRent began with single-day rental classes like a grill, bikes, and cameras, and later differentiated into long haul rental items like home and office furniture, hardware, and wellness gear. The prime supporters were the initial ones to offer air coolers and convertible furniture on lease. Intended to address the issues of the millennial age, GrabOnRent used to source redid leasing prepared furniture from Rajasthan, UP, Karnataka, and Malaysia, and marked hardware straightforwardly from the brands, along these lines taking out the requirement for go-betweens or wholesalers. At its pinnacle, GrabOnRent signed in $5 million in annualized incomes and bragged a 150-part group across Bengaluru, Hyderabad, Mumbai, and Gurugram.
What maybe shook the endeavor was losing the brand name encroachment case documented by Hyderabad-based coupons and everyday bargains startup GrabOn last September. Investors, in any case, figure that lawful case just sped up the destruction. "The idea of leasing, began by GrabOnRent, was in front of the time," says one of the VCs who put resources into an adversary startup. When the market was ready for interruption by rental players, GrabOnRent had effectively lost steam, he adds, mentioning secrecy. The powerlessness to persistently raise reserves likewise end up being their demise.
"Timing and item market fit is significant," he says. The round of online item rentals, he adds, is capital concentrated and needs substantial responsibility from supporters.