Rental Platform Settlrs raises $1 million in funding led by Canbank Ventures & Others
Settlrs, a B2B services rental platform, has raises $1 million in funding from a syndicate of investors led by Canbank Ventures.
The Indian Institute of Management, Bangalore, nurtured the Bengaluru-based startup.
Settlrs is a business-to-business (B2B) service rental platform for furniture, electric home appliances, and IT infrastructure. It is a startup based in Bengaluru that is currently a part of the IIM-B Startup LaunchPad. It enables consumers to spend and save smarter, allowing them to live smarter, thanks to its rapid, hassle-free, and cost-effective way of renting. Settlr's mission is to make luxury accessible to its consumers by allowing them to pay small and live BIG.
On a leasing basis, it supplies startups and co-living spaces with furniture, home appliances, fitness equipment, and IT infrastructure. Gaurav Ranebennur, the company's creator, stated that the company might branch out into the B2C arena.
The funds will be utilised to launch a financial platform and expand the company's reach to new cities. Settlrs is now active in 15 cities.
“Renting as an organized business in India is in an early stage. We believe that the innovative fintech solution being introduced in Settlrs platform would result in greater adoption of our business and contribute to streamline the unorganized rental market. Also, our solution offers businesses a chance to reduce their capital expenditure and choose flexibility of using new products,'' Ranebennur added.
Ranebennur worked for Tata Consultancy Services as a mechanical engineer until 2014. Before founding Settlrs, he founded and sold a food technology company.
Other investors include high-net-worth individuals and Singapore-based venture capital firms MaGEHold PTE and JN Capital.
So far, Settlrs has rented out 35,000 assets to over 50 companies.
The Indian Institute of Management, Bangalore, nurtured the Bengaluru-based startup.
Settlrs is a business-to-business (B2B) service rental platform for furniture, electric home appliances, and IT infrastructure. It is a startup based in Bengaluru that is currently a part of the IIM-B Startup LaunchPad. It enables consumers to spend and save smarter, allowing them to live smarter, thanks to its rapid, hassle-free, and cost-effective way of renting. Settlr's mission is to make luxury accessible to its consumers by allowing them to pay small and live BIG.
On a leasing basis, it supplies startups and co-living spaces with furniture, home appliances, fitness equipment, and IT infrastructure. Gaurav Ranebennur, the company's creator, stated that the company might branch out into the B2C arena.
The funds will be utilised to launch a financial platform and expand the company's reach to new cities. Settlrs is now active in 15 cities.
“Renting as an organized business in India is in an early stage. We believe that the innovative fintech solution being introduced in Settlrs platform would result in greater adoption of our business and contribute to streamline the unorganized rental market. Also, our solution offers businesses a chance to reduce their capital expenditure and choose flexibility of using new products,'' Ranebennur added.
Ranebennur worked for Tata Consultancy Services as a mechanical engineer until 2014. Before founding Settlrs, he founded and sold a food technology company.
Other investors include high-net-worth individuals and Singapore-based venture capital firms MaGEHold PTE and JN Capital.
So far, Settlrs has rented out 35,000 assets to over 50 companies.
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