Gurgaon-based Exclusive Lifestyle Private Ltd, the company behind the brand Permarent which provides furniture and home appliances on rent, is in advance talks to raise seed funding, Apurv Mathur, co-founder of the company told DEALSTREETASIA.
Permarent, which was founded in October 2015 by Abhishek Jaiswal, Lakshya Khurana and Apurv Mathur, provides furniture and electronics on rent. The customers can select the products and take them on rent through the platform and return anytime as per their comfort.
Permarent competes with firms offering similar services such as Rentomojo and Furlenco.
Jaiswal, a BTech-MTech from IIT, Kanpur, was working with Flipkart as a supply chain analyst before co-founding this venture. Khurana has a total of around one and half years of experience and previously worked with HT Media Ltd as an assistant manager, Carnegie Mellon University as intern and obtained his bachelor degree in computer science & engineering from IIT, Kanpur. Mathur who did bachelor of engineering (B.E.Hons) in mechanical engineering, worked with Bosch India as an assistant manager prior to this venture.
Although Mathur did not reveal the name of the investors they are in talks with he said, the funding is expected to close by January 2016 and they will use the money for expansion plans to other cities in next couple of years.
“Permarent is in talks with investors including angel investors and VC firms to raise up to $1 million,” sources close to the development told DEALSTREETASIA.
“The concept of renting, applied mostly to real estate these days, can be used for to provide much more utility than it currently does for today’s customers. And our first step to do that is to make interior home furnishings – furniture and electronics – available for rent for customers to choose from,” Mathur further said.
“People today have to pay a high price for convenience in the form of fully furnished flats. And that too, without having their own say with respect to the interiors,” he added.
The startup has a ‘rent to own concept’ which means if the customers take any product on rent for 18 months, they will automatically own the product after that.
Permarent plans to cover the Delhi NCR region by January next year and will expand to Mumbai, Bangalore and Pune next.
The startup is currently running the business under two models. One is marketplace which provides home appliances such as washing machine and refrigerators in a tieup with local vendors.
The other model is customising furniture in partnership with manufacturers.
Within two months of its launch in October, the company claims to have supplied 150 products worth Rs 10 lakh which it delivers within three days from placing of an order.
This segment has attracted investor interest with some deals that got closed recently. Rentomojo, which provides furniture, household appliances and bikes on rent, raised $2 million in pre-Series A round of funding from Accel Partners and IDG Ventures India. It provides services in Bangalore, Mumbai, Delhi NCR, Pune and also raised seed funding from London-based investors last year.
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