Itwas in September 2015 when Shubham Jain, Manish Sugandhi, Aditya Sharma, andNikunj Agarwalla helped to establish GrabOnRent,an online item rental startup. After five years, in September 2020, the startupshut down. The Bengaluru-based startup, which checked Ivycap Ventures andUnicorn India Ventures as its sponsor and brought more than $10 million up inthe red and value in the course of the most recent five years, triumphed whenit's all said and done its keep going functional day on September 30. Whenreached, Shubham Jain affirmed the turn of events.
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GrabOnRentbegan with single-day rental classes like a grill, bikes, and cameras, andlater differentiated into long haul rental items like home and officefurniture, hardware, and wellness gear. The prime supporters were the initialones to offer air coolers and convertible furniture on lease. Intended toaddress the issues of the millennial age, GrabOnRent used to source redid leasing prepared furniture fromRajasthan, UP, Karnataka, and Malaysia, and marked hardware straightforwardlyfrom the brands, along these lines taking out the requirement for go-betweensor wholesalers. At its pinnacle, GrabOnRent signed in $5 million in annualizedincomes and bragged a 150-part group across Bengaluru, Hyderabad, Mumbai, andGurugram.
Whatmaybe shook the endeavor was losing the brand name encroachment case documentedby 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 anadversary startup. When the market was ready for interruption by rentalplayers, GrabOnRent had effectively lost steam, he adds, mentioning secrecy.The powerlessness to persistently raise reserves likewise end up being theirdemise.
"Timingand item market fit is significant," he says. The round of online itemrentals, he adds, is capital concentrated and needs substantial responsibilityfrom supporters.
