At launch, the company offers premium smartphones like Apple’s iPhone X and iPhone 8, Samsung’s Galaxy S9+, S9, Note 8 and Google Pixel 2 on monthly rentals ranging from Rs 2,099 to Rs 9,299 for six, twelve, eighteen and twenty-four month periods.
In addition, consumers will have to pay an initial refundable deposit of one-two months rental amount at the time of booking the product. Post the lease period, customers will also have the option of buying the product by paying a certain sum to RentoMojo.
“With this solution, you can lease out a phone for certain time period with the option to own or return it whenever you want” said RentoMojo founder and CEO Geetansh Bamania.
The focus is currently on premium smartphones although the company plans to eventually introduce affordable smartphones on its platform.
Bamania said they expects this category to play a key role in RentoMojo’s future growth “We are looking at this (category) accounting for 40% of our overall revenue at scale and increasing our customer base by 50% in the next few quarters” said Bamania. RentoMojo claims to currently have 50,000 active users.
The service is currently available in Bengaluru, Delhi, Gurgaon, Mumbai and Noida with plans to expand to Chennai, Hyderabad and Pune in the next quarter.
Bengaluru-based RentoMojo also offers household appliances, furniture and two-wheelers on lease for tenures ranging from 3 to 36 months. Until now, it has raised around $17 million from investors like Accel Partners, IDG Ventures, Bain Capital and Renaud Laplanche.
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