Consumer leasing biz gets a green-tech spin

Headquartered in Bengaluru, RentoMojo has operations across eight cities in the country including Chennai – which it counts as one of its major markets. The company, which leases furniture, appliances, smartphones and bikes is now looking at adopting an ownership-based model as well. 

Bamania tells us, “Millennials today do not want to be stuck with a two-year loan for purchasing goods. We started off as a furniture rental company keeping in mind people looking to rent out such products for a couple of months. We transitioned from a rental-based model to a lease-based model of sorts where people could use furniture, mobiles, appliances or bikes for 14-18 months. So, our evolution was from a product rental company to a long-term leasing firm. If the customers enjoy using the product, they can either buy the product or return it which seemed like a value proposition.” 

The main aim was to give the power back to the purchaser. What also happens customers get more disposable income on their hands is that they could use this for a vacation or an experiential getaway. Bamania adds, “Making it as much flexible was part of the subscription or pay as you go model that we had envisioned. We are also helping contribute towards a shared economy, where one product is being re-used by someone else. So, it means a savings in resources and manpower on many levels through recycling and It ties in with our sustainability mission as well.”

The company is present in 8 major metros including Chennai, which is one of the top 3 markets as far as retail business is concerned. “Electronics and appliances are core categories for us and Chennai is a great market for A/Cs and coolers. We are seeing a lot of traction on the smartphone front as well. The hot sellers in Chennai are mostly smartphones, washing machines and refrigerators, apart from study tables and bookshelves,” Bamania informs us.