Dont Own, Smartly Own – Rentomojo

The world around us is changing.. Gone are the days when buying a house and land was a priority. We live in uncertain times, and the new generation can change their cities at the drop of a hat for a new opportunity.

Rentomojo’s new concept of #smartlyown addresses the concept of not buying things but simply renting them out. You can now rent out stuff such as furniture, electronic and home appliances and also bikes. The concept of Rentomojo is to not block your money buying premium stuff but invest in things that help your money grow (like investing in mutual funds or other schemes).

When an electronic appliance or furniture is bought, it’s value reduces by 50% or more by the time it even reaches your house. Renting it makes more sense as we get new things every day, and the human mind and heart are very fickle.  It always gets attracted to the new things. 🙂 Renting out makes better sense for these nomadic crowds. Mr.Geetansh Bamania was very clear on the premise of how Rentomojo was formed and the gap in the market they intend to fill.

About Rentomojo

The company started in 2014 as a furniture rental company.  The Bangalore leg of the operation started this year in 2018 with cofounders Ajay Nain, Achal Mittal and Gautam Adukia.

 

What’s Different

The world around us is changing.. Gone are the days when buying a house and land was a priority. We live in uncertain times, and the new generation can change their cities at the drop of a hat for a new opportunity.

Rentomojo’s new concept of #smartlyown addresses the concept of not buying things but simply renting them out. You can now rent out stuff such as furniture, electronic and home appliances and also bikes. The concept of Rentomojo is to not block your money buying premium stuff but invest in things that help your money grow (like investing in mutual funds or other schemes).

When an electronic appliance or furniture is bought, it’s value reduces by 50% or more by the time it even reaches your house. Renting it makes more sense as we get new things every day, and the human mind and heart are very fickle.  It always gets attracted to the new things. 🙂 Renting out makes better sense for these nomadic crowds. Mr.Geetansh Bamania was very clear on the premise of how Rentomojo was formed and the gap in the market they intend to fill.

About Rentomojo

The company started in 2014 as a furniture rental company.  The Bangalore leg of the operation started this year in 2018 with cofounders Ajay Nain, Achal Mittal and Gautam Adukia.

How does it work?

  1. Choose the product and pay 2 months RMI in advance as a refundable deposit and then take an option anytime from 3 months to 36 months.
  2. Just to ensure the product is returned as is, a photo on the day of booking and when it is returned. If there is considerable damage, it’s adjusted from the refundable deposit.
  3. They have a maintenance scheme for the product that’s covered in the RMI clause.
  4. If the product is to be returned before time, then the price is adjusted as per the shorter timeframe. For example, a product taken for 24 months may have RMI of 400 whereas the same product taken for 6 months could be 1000. If you take for 36 months and return in 6 months, then you pay the differential amount.
  5. If you find the product lacking in quality or not as described, you can reject it, and they will replace it at no additional cost.
  6. Customers also have an option of owning the product they are renting by paying the differential amount. Imagine that! What this means is you trying out the product as a rental form, and if you like it, you buy it at no additional cost. How good is that? Rentomojo also offers free relocation services. This is like having the cake and eating it too, right?

It was a fun event with a lot of good discussions, and yes, we were very curious about this concept.  Imagine in Bangalore city, where the AC is used only for 2 months at the max, why would I buy an AC and let it gather dust during the rest of the months? This concept makes a lot of sense to me. Unfortunately, I have already bought all my stuff. But now I know what to do going forward. I hope they start a car leasing soon! Guess what? They are also coming up with clothing as well!! 🙂   They have a big plan in mind, and I think in time, you could rent anything and everything. Just don’t expect them to find the bride for you! 😀

A few snaps taken at the event are shared below.  Do try out their service and let me know if it worked for you.

** Click on photos for clarity

 

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