A startup involves a lot of passion, hard work and determination. We feel people working on a startup are no less than a superhero. So today in our series of Superhero of Startup the Superhero badge goes to team Rentezee.
Tell us something about you and your startup.
Rentezee is an online community that enables Peer-to-Peer renting. Any individual, with their Facebook/Linkedin account and Aadhar ID verified, can rent out high quality idle assets to people who need them and start earning money as rent.
The seeders, or the ones renting out, decide the security amount and the rent they want to charge from the peers, or the ones taking on rent.
What was your motivation behind venturing into this?
The rental market stands at $15Bn and peer-to-peer rental market at $9Bn, with a CAGR of 12%. There are over 400 million youngsters in the country. Smart phone access has grown to over 500 million. By 2021, India will have the largest population of millennials in the world. The rental market is at the cusp of an explosion and Rentezee aims to spearhead the rental revolution.
Give us a brief background about founders and its core team members?
Akshit Kumar- CEO, IIT Roorkee, University of Sussex, Ex-Fitpass, Superman of the Team.
Jnanendra Veer, CTO, Ex-Fitpass, Tech Lead, Ironman of the Team.
Satyyam Srivastava, COO, Ex-Knowlarity, Ex-PlussApp, Batman of the Team.
Who do you see as competition and how is your startup different?
We have created an asset-light renting ecosystem with a commission based business model. We do not own any of the products on our platform, rather we focus on completing a 360-degree renting cycle using idle assets in every home in the neighborhood.
What we do: Rentezee leverages latest technology (like blockchain) and product UI/UX (Social Media Interface) to solve problems in the renting ecosystem.
What we are not: A furniture or electronics rental shop with a website and app.
We are a P2P marketplace, as compared to inventory based or O2O aggregator model. This model affords us the freedom to scale exponentially.
Instagram like UI gives renting a friendly and a familiar approach. This makes target customer education and acquisition that much faster.
Target Customer Market:
Young millennials who wish to earn quick money and make smart investments – The Snapchat Generation
We complete the 360-degree renting process with on-demand logistics and secure online payments.
One touch linking of social media accounts and Govt. UIDs to increase accountability and keep the platform transparent.
What are the revenues and margins like in your industry?
Our Competitors manage their own inventory, so they overall costing is higher with a limited set of products on the listing.
Our monetization model is simple – we only charge a basic amount on the services we offer, that makes us operationally profitable in every transaction and Since we dont own anything, we have a huge product list which is being uploaded by the seeders.
From our Seeders, we charge 2% of the transaction amount as Service fee.
From Peers, we charge 10% of the transaction amount as Convenience Fee.
Minimal delivery charges applicable as per pickup-delivery distance between seeder and peer
What are your future plans?
We have already launched our B2B arm; in the next 6 months, we will be exploring corporate alliances, especially with startups and SMEs, who are on the lookout to avoid blocking their capital on setup costs. Rentezee provides curated rental solutions for them.
Post our first round of funding next quarter, we will launch in a new city by mid-2018.
We are doubling down on digital advertising and user incentives to build our Seeder Count – the supply side of our marketplace.
By leveraging digital economy, latest fintech solutions and blockchain technology, we aim to make renting a 3-click process and grow 100X in GMRV by next year end.
Any advice you want to give budding entrepreneurs.
The only Thing that Team Rentezee would suggest to the Budding Entrepreneurs is that make sure that you are solving a problem from the core ,do the execution part fast and Never fear of Failure as its just a phase.