Rentomo is the bridge that brings borrower and lender together. It helps you in renting out your not-so-used stuff as well as borrow items you wish to use once or twice. Rentomo connects you to people who are part of a trustworthy community.In Rentomo they believe that trust is very important factor when one thinks of sharing, that’s where they have built technology. To whom you are going to rent your valuable stuff is either your friend or friend’s friend, or person who stay in your society, building or study in your college or work in your company, which ensures safety of your valuable product.
How Rentomo Works
Currently they are investing their effort and time in building trust. Since sharing model completely works on trust whether the trust is on platform or trust on its customers. Once they are able to build trust and make people realize the power of sharing economy, they will see real success. Unlike western countries like Europe or US, in India this domain is still in its early stage which will take some time to mature. They believe that people will start realizing the real value of sharing soon and will start gaining trust while using the platform.Their mission is to form a sharing city where everything and anything is available on demand nearby in your neighborhood and this will take some time to happen.
The startup is founded by Anshul Johri & Shubham Maheshwari. Anshul worked with Amazon, Bookadda, AskLaila, Ibibo before starting up Rentomo. Shubham worked with Amazon and Flipkart before Co-Founding Rentomo. Anshul is highly inspired with Airbnb model and when he traveled Europe and stayed at Airbnb hosts at multiple places, he realized the potential of sharing economy and thought when this can be done for houses than why not for all the items,stuff & resources. Where people can borrow items from owners, use the stuff and return it back in same condition. Borrower saved money and at the same time owner made money from the item which they were sparingly used. But trust plays an important role here.
They did some market analysis, both personally met few users (in their apartment, companies, groups, friends and family) and explained them the idea. They got 100% positive response. They started working on prototype in the month of Feb 2015 and started working full time for Rentomo after both left their jobs.So far they have got good traction, people are recognizing rentomo and started realizing the potential of sharing economy. Since their backbone is trust network. They created a platform that makes it easy for people to find that neighbor,friend,colleague or a person in trusted network that’s willing to lend what they need.There are few startups in online rental space, but their model is different from what they are doing. Rentomo is into peer to peer sharing marketplace while others are still into inventory-based model. However they are investing into building technology behind trust network.They raised angel funding recently and are now in talks with some leading investment firms.