Incubated at Indian Institute of Management Bangalore, B2B services rental platform Settlrs has raised $1 million from a group of investors led by Canbank Ventures, along with HNI's & Singapore based VC’s MaGEHold PTE and JN Capital.
Settlrs provide furniture, home appliances, fitness equipment and IT infrastructure to startups and co-living spaces on a lease basi, plans to foray into the B2C space and will now be using funds to set up a fintech platform and for business expansion to more cities from current 15 cities and it has rented out 35,000 assets so far to over 50 businesses.
“Renting as an organized business in India is in an early stage. We believe that the innovative fintech solution being introduced in Settlrs platform would result in greater adoption of our business and contribute to streamline the unorganized rental market. Also, our solution offers businesses a chance to reduce their capital expenditure and choose flexibility of using new products,'' said Ranebennur.
Ranebennur is a mechanical engineer who worked with Tata Consultancy Services till 2014. He started a food tech company and exited it before starting Settlrs.