Ajay Muttreja Ajay has 38 years of professional experience of cross border technology & strategic collaborations, global expansion for Indian companies besides India entry strategy consulting and implementation for 1,500 foreign companies. During last 2 years, he is supporting 75+ Indian Government bodies & foreign organisations, …
Raj K Arora Business and investment interests in Sports, Liquor, Wine, Herbals, Real Estate, Forex, Cryptos, Blockchain,IT Security, and Payment Fraud Detection. Current Experience: 10+ years of experience in core IT technologies. 5+ years of FinTech domain expertise. Currently developing payment processing platform for high-intensity …
Venture Garage portfolio company RENT IT BAE raises funding from GEMs VC
New Delhi, 7 Feb 2019: Venture Garage today announced that it’s“Garager” company RENT IT BAE has closed an investment round with GEMS VC, a VC fund in New Delhi. Co-founded by Aanchal Saini, Ricky Gujral, Amit Sharma and Karan Gujral, RENT IT BAE is a luxury fashion rental service that offers Ethnics, Westerns & Accessories from designer labels and brands on rent at a fraction of the market purchase price.
CEO of Venture Garage, Vivek Kumar expressed,
“At Venture Garage our goal is to add value to the lives of promising
entrepreneurs by supporting them with fund raising, go-to-market, and
tech-strategy to build scalable enterprises that can solve large scale
problems. We are joyed to see the RENT IT BAE team doing well.”
“2.5 years in the business, I have
witnessed the world move towards a shared economy and this is only the
beginning. This sector is going to rise geometrically. We have created a
scalable model and the technology plays an important role here. The sense of
happiness I feel creating RENT IT BAE is immeasurable. Every day is
Phenomenal.”, said Aanchal Saini who is also the CEO of RENT IT BAE.
“We are excited about our investment
in RENT IT BAE and also to be associated with the talent behind the company.
Our belief is that clothing rentals is the next major business frontier in the
rental market. Looking good and feeling good are hallmarks of today’s
environment and culture. Rent It Bae addresses this very opportunity at
affordable prices. We believe that the demand will be huge and ever increasing.
We are proud to support Aanchal and her team in this venture.”, Aditya Gupta,
Managing Partner, GEMs
GEMs VC is founded by a group of entrepreneurs and has invested in close to 15 cutting-edge start-ups across IoT, Med-tech, SaaS solutions,Travel & Logistics, Music, Online Marketplaces for Travel, Fashion Rental, QSR and Community Analytics & Content platform.
From L to R- Vivek Kumar, Ricky Gujral, Aanchal Saini, Vineet Sagar
With the new infusion of capital the
company plans on increasing its physical presence in Delhi NCR with more stores
and increase service locations to 30 across the country. All the RENT IT BAE stores
would be tech driven as is the Flagship Store. “Technology will be the essence
of the business always”, says the founding team “and the aim is to induce
technology in such a way that our customers can make use of it at all levels
while experiencing the RENT IT BAE service”.
“It was really exciting to work on the
transaction with GEMs. The fashion rentals space needs a tech-focussed,
inventory-less play to scale, much like any other rental market. However,
offline plays a significant role too given that touch and feel factor is
required to convert customers into orders. RENT IT BAE is sweetly placed in
this spot.”, added Vineet Sagar, Managing Partner, Venture Garage.
The business is
scale ready now servicing 12 cities via Website, m-site, Android & iOS
app. RENT IT BAE is the first to offer Monthly Fashion Subscription
(Unlimited Clothes and accessories @ Rs. 3999/-per month). The company has
recently opened its Flagship Store at Rajouri Garden, New Delhi which is the
country’s first tech-driven fashion experience. The company is doing a annual
revenue of Rs. 2 Crore which is stated to scale to Rs. 6 Crores by the end of
2019. The funding amount in this round is undisclosed.
Key Highlights: India’s top 50 emerging companies by Nasscom Among top 10 companies chosen at the IBM SmartCamp for Fintech Key Current Metrics: 16,000+ transactions, INR 32 Crores+ amount lent, INR 80 Crores+ commitment by lenders, 18% month-on-month growth rate since inception, 1 Lakh+ registered …