Bangalore-based B2B Rental Startup Settlrs raises undisclosed amount in Pre-Series A

Startup Funding

Bangalore based B2B rental company Settlrs has raised an undisclosed amount in pre-Series A round led by MaGEHold Pte. Ltd., Singapore and other investors.

Settlrs was founded in 2018 by Gaurav Ranebennur and Nishanth Janadri. It is a rental services company for furniture, home appliances, electronic and IT infrastructure. Through its co-living and co-working solutions, it helps companies leverage the ‘Pay per Use’ model to their advantage.

Settlrs has stated that by now they have furnished over 1000 properties and has served more than 50 businesses. The Bangalore-based company stated that the new funding will be used towards creating its tech platform, expanding geographically, and onboarding more vendors to the same.

Gaurav Ranebennur, Co-Founder, Settlrs, said, “We think renting is still in its early stage in India and there is a huge market for expansion. Renting gives a certain freedom of choice to the customers to use as they wish and then elevate to a newer product. These funds will help us to to invest in other cities and add more sellers and businesses to the current platform being built as the market is still very unorganized.” He further added, “We are now moving towards building the top platform of choice for all stores and businesses, large or small looking to efficiently manage their inventory and leverage the efficient discovery of optimal price vs market demand curve through us via our B2B rentals business.”

Speaking about the investment, Bowie Lau, MD, MaGEHold Pte. Ltd., Singapore, said, “It is the first time we are investing into India, we are extremely excited to be a part of the Settlrs growth and look forward to actively supporting their bold steps and expansion plans in India and beyond. From a chance encounter at NSRCEL, IIM Bangalore, last year to becoming investors on board this year, we have been able to create remarkable chemistry with the team over the course of last year despite COVID disruptions.”

Author

  • Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

Subscribe to our Newsletter!

Get the latest on the Startup ecosystem delivered to you every day. Made for the Smart and Ambitious.

Total
0
Share