B2B services rental startup Settlrs on Wednesday said it has raised USD 1 million (over Rs 7 crore) fund from Canbank Venture Capital Fund Ltd and other investors. The startup — incubated at NSRCEL, IIM Bangalore (IIMB) — said the other investors are Vinod Jain Family Office, MaGeHold Pte Ltd, JN Capital and an undisclosed angel investor.
The company will use this fund for business expansion into other cities and to build a next-generation fintech platform that attracts and connects users and helps vendors deploy assets into the rental ecosystem seamlessly, Settlrs said in a statement. The fund would also be utilised to expand into new portfolios, it added. “Renting as an organised business in India is in an early stage. We believe that the innovative fintech solution being introduced in Settlrs platform would result in greater adoption of our business and contribute to streamlining the unorganised rental market,” Settlrs Founder Gaurav Ranebennur said.
Settlrs said it has rented out more than 35,000 assets, such as furniture, home appliances, fitness equipment and IT infrastructure, across over 50 businesses in 15 cities in India, with 25 per cent month-on-month growth in revenues. The startup allows businesses to shift from an outright purchase model to a pay-per-use model at reasonable monthly rentals.