B2B rental company Settlrs has raised an undisclosed amount in pre-Series A round from MaGEHold Pte. Ltd., Singapore; and other angel investors. This marks the early-stage focused investment firm’s maiden investment in an Indian startup.

Founded in 2018 by Gaurav Ranebennur and Nishanth Janadri. Settlrs is a rental services company for furniture, home appliances, electronic and IT infrastructure. Through its co-living and co-working solutions, it helps companies leverage the ‘Pay per Use’ model to their advantage.

Gaurav Ranebennur, Co-Founder, Settlrs, 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.” He further added, “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.”

Settlrs claims to have furnished over 1000 properties and has served more than 50 businesses. The Bangalore-based company stated that the fresh capital will be utilized towards building its tech platform, expanding geographically, and onboarding more vendors to the same.

Commenting on the investment, 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."