RENT IT BAE, a luxury fashion rental service offering ethnics, westerns and accessories from designer labels and brands on rent has raised an undisclosed amount of funding from GEMS VC, a fund based out of New Delhi.
RENT IT BAE is co-founded by lawyer Aanchal Saini and techies Ricky Gujral, Amit Sharma and Karan Gujral.
Aditya Gupta, Managing Partner, GEMs, had this to say about the investment; "We are excited about our investment in RENT IT BAE and also to be associated with the talent behind the company. Our belief is that clothing rentals is the next major business frontier in the "rental" market. Looking good and feeling good are hallmarks of today's environment and culture. RENT It BAE addresses this very opportunity at affordable prices. We believe that the demand will be huge and ever increasing. We are proud to support Aanchal and her team in this venture."
GEMs has invested in 14 other cutting-edge start-ups across IoT, Med-tech, SaaS solutions, Travel and Logistics, Music, Online Marketplaces for Travel, Fashion Rental, QSR and Community Analytics and content platform.
Aanchal Saini, CEO and Founder, RENT IT BAE is a lawyer by background with a keen interest in fashion. She says, "2.5 years in the business, I have witnessed the world move towards a shared economy and this is only the beginning. This sector is going to rise geometrically. We have created a scalable model and the technology plays an important role here. The sense of happiness I feel creating RENT IT BAE is immeasurable. Every day is Phenomenal."
The business is scale ready now servicing 12 cities via Website, m-site, Android and iOS app. RENT IT BAE is the first to offer Monthly Fashion Subscription (Unlimited Clothes and accessories @ Rs. 3999/-per month). The company has recently opened its Flagship Store at Rajouri Garden, New Delhi which is the country's first tech-driven fashion experience. The company is doing an annual revenue of Rs. 2 Crore which is stated to scale to Rs. 6 Crores by the end of 2019.
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Managing Partner of Venture Garage, Vineet Sagar was really excited to work on the transaction with the founders and feels that the fashion rentals space needs a tech-focussed, inventory-less play like RENT IT BAE to crack the market.
With the new infusion of capital the company plans on increasing its physical presence in Delhi NCR with more stores and increase service locations to 30 across the country. All the RENT IT BAE stores would be tech driven as is the Flagship Store. "Technology will be the essence of the business always," says the Founding Team "and the aim is to induce technology in such a way that our customers can make use of it at all levels while experiencing the RENT IT BAE service." This story is provided by NewsVoir.