GrabOnRent’s services in Hyderabad

Hyderabad: GrabOnRent, an online product rental service, on Monday launched its services in Hyderabad. At present, the startup is operating in Bengaluru. Conceived in September 2015 and funded by IvyCap Ventures and Unicorn India Ventures, the product rental firm offers furniture, household appliances, electronics, bikes, party and event equipment on rent. It has served more than 8,500 customers in Bengaluru alone.

“With a rise in mobility for education and career opportunities, renting becomes the preferred option to access products, without having to spend upfront on purchasing. So, there has been a tremendous rise in the renting economy, both vertically and horizontally. Awareness and acceptance among people for rented goods has been a major driver of this growth,” said Shubham Jain, CEO, GrabOnRent.

The sharing and renting economy has potential of growing to a $335 billion by 2025 globally, he said, citing PwC report. In the two cities, the startup collaborated with over 400 vendors who have a range of products, but lack medium to reach to the correct customers. “Hyderabad has seen the rise in the number of migrants from other states for job and education.

Having similar conditions in Bangalore where renting as a concept has gained wide acceptance, millennials aged 20-29 years are always on the move and are looking for an alternate to buy expensive property, furniture, utilities, which becomes a liability in the longer run,” said Manish Sugandhi, COO, GrabOnRent.