Bengaluru-based B2B rental company Settlrs on Monday stated that it has raised an undisclosed amount in pre-Series A round from MaGEHold Pte. Ltd., Singapore; and other angel investors.
As per the official statement issued by the company, the startup intends to utilize the freshly raised funds to strengthen the tech platform, grow geographically, and onboard more vendors to the same.
Founded in 2018 by Gaurav Ranebennur and Nishanth Janadri, Settlrs, with a collection of furniture, home appliances, and computing devices, enables companies to move from an asset-heavy capEx model to an asset-lite opEx model.
Commenting on the new investment, Gaurav Ranebennur said, “We believe renting is still in its nascent stage in the country and there is a big market for expansion. Renting gives flexibility to customers to use as they wish and then upgrade to a newer product. These funds will enable us to expand geographically and add more vendors to the current platform being built as the market is still very unorganized.”
“We are now marching towards building the top platform of choice for all vendors (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,” he added.
Speaking on the development, Bowie Lau, MD, MaGEHold Pte. Ltd., Singapore added, “As our first foray investing into India, we are super excited to become part of the Settlrs story and look forward to actively supporting their growth and expansion plans in Asia and beyond. From a chance encounter at NSRCEL, IIM Bangalore, last year to becoming investors on board this year, we have been able to strike up remarkable chemistry with the team over the course of last year despite COVID disruptions.”
“We do not doubt that this extraordinary team, with their mature founders, have tremendous potential to soar to the next level as they have the right ingredients (innovative asset-leasing business model) at the right place (India) at the right time (now),” he said.