- Settlrs B2B rental platform receives fresh undisclosed funding from MaGEHold Pte. Ltd., Singapore; and other angel investors.
- The fresh funding will be utilized for the expansion of business to new territory and adding more services to the company’s portfolio.
- The company is working to build the top platform of choice for all our clients so that they could efficiently manage their inventory and leverage the efficient discovery of optimal price vs market demand curve through us via our B2B rentals business
Bengaluru-based B2B rental startup Settlrs recently has announced that it has received undisclosed funding in pre Series A funding round led by MaGEHold Pte. Ltd., Singapore; and other angel investors.
According to the startup, fresh will be utilized to build the tech platform to enhance the users experience, enter a geographically untapped market, and reaching out to more vendors to onboard them.
set up in 2018 by Gaurav Ranebennur and Nishanth Janadri, it provides rental services company for Settlrs is a rental services company for furniture, home appliances, electronic and IT infrastructure. to B2B clients. As of March 2021, only one investor invested funds in this startup, and the fund invested is undisclosed. It raised funds through a seed funding round and looking forward to reaching out to more investors to get funds to accelerate the business operation.
Talking about the latest development the Gaurav Ranebennur stated, “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 working to build the top platform of choice for all our clients so that they could efficiently manage their inventory and leverage the efficient discovery of optimal price vs market demand curve through us via our B2B rentals business,” added Gaurav.
Speaking 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 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),” said Bowie.