Its highly motivating to be covered by the reputed Silicon Valley as India's
The phenomenon of renting is not new in India. For individuals who had to change location every second or third year even 20 years back had the need to take materials for everyday use on rent. But the renting sector in India until few years back was completely fragmented. Now, with the influx of several online rental companies, it is taking a more structured form, extending its reaches and striving to include all the merchandise from sharing financial resources to clothing and accessories and in rare case, even pets.
Shared economy is the concept that is used to address this aspect. It includes peer-to-peer accommodation, peer-to-peer finance, music and video streaming, car sharing and online stuffing. The sharing economy has the potential to generate $335 billion revenue globally, by 2025, was stated in a report by PricewaterhoseCoopers. When it comes to India, the market size of the online rental sector is estimated to be $1.5 billion from which close to $850 million is for furniture rental, $500 million is the market value for rentals in the electronic segment and an astonishing $300 million for the bike rental segment.
Considering the changes and developments in the rental sector of the country, siliconindia startupcity has come up with a list of `10 Best Online Rental Startups' who aim to improve the concept of shared economy in India. The following list has undergone strict scrutiny by a panel of judges which include CEOs, CXOs, and the startupcity editorial team.
After the founders, Jagminder and Babita left college to start working in Pune, they realised it was a struggle to run a basic functional household, which could be any closer to a ‘home’, after a hard day. Those days there were not many furnished accommodations available. Buying furniture, apart from basic kitchen necessities, was aspirational. It was not worth the money, time or effort plus in the dynamics, they never knew how much of it would be utilized and the thought stayed with them. It was in 2016 that one day over coffee, they managed to connect the dots to come up with renting as the most viable proposition for the new age. This low investment-high benefit offering made even more sense for businesses that today dwell in extremely buoyant and dynamic environments.Very soon the hypothesis was validated through few surveys and A2zOnRent was born.
Not just student accommodation, they realized the scope of renting was valid across businesses. They grew the model to provide and service IT Equipment and Furniture for the SMEs and mid-size corporates. Why should an SME or corporate facility increase its capital costs, when the same can be achieved under operational expenses along with hasslefree service? The latest and a very exciting new dimension to A2zOnRent offering are the new age Commercial Kitchens, where they are focused on delivering the set up and maintenance of kitchen spaces.
A2zOnRent offers 'Product as a Service‘ suited to every customer need
Today A2zOnRent calls its offering “Product as a Service”. This is a model where they procure the products the clients require, deploy them and maintain the same. A2zOnRent stands responsible for the uptime SLAs, upgrades and even disposal if required. This way, they completely eliminate customers’ pain points, thus enabling the customers to focus on areas imperative for their growth.
Currently it is operating in various segments. In Co-Living Solutions it offers a comprehensive range of furniture befitting interior design requirements, ranging from the cozy functional in-room furniture to outdoor furniture for common areas. It also provides soft furnishings, white goods, fitness equipment, recreation products and all other custom requirements from the customers. In IT Equipment & Furniture segment provides laptops, desktops, printers, scanners, projectors and other products needed by IT companies and other SMEs to run their operations. And for Commercial Kitchens it is investing in new-found scope-cloud kitchens and restaurant chains. Within this, it offers a range of equipment for new age commercial kitchens. All of these offerings are packaged with convenient maintenance and up-keep services to suit.
At present, the company has shifted to an asset leasing model focused on B2B segments and aspires to become a de-facto choice for leasing/renting for businesses and retail customers. It is now planning to focus on expansion and maturing on the current offering. “We are looking forward to expand and stabilize operations in all tier 2 and tier 3 cities of India and we also want to work on increasing our market shares in the segment by offering the clients with what they need,” concludes Babita Jain, Co-Founder.