Riding on the model of Fintech Subscription Commerce, rental solutions company RentoMojo today said it is eyeing a revenue (RPT) revenue target of USD 15 to 18million in the next 15 months.
"I think in 18 months we are already at a decent figure of close to USD 3.5 million. I think we will be a good 6 to 7 times the current revenue (RPT) revenue, USD 15-18 million is what we are targeting in the next 15 months or so," CompanyCEO and Founder Geetansh Bamania told PTI.
Bamania said the firm plans to reach the target without raising any funds.
"We have sufficient amount tillthen so we can reach there without raising any funds"he said adding in next three years, the company aims for five toten lakh subscribers.
"We are 12,000 plus subscribers. In next two or three years, we aim for 5 to 10 lakh subscribers."
Talking about fintech subscription model, which the company has adopted to increase chances of making profits, he said it would display ownership because of long-term subscription space provided to consumers that would be cheaper and flexible than the normal ownership model.
"We are more in establishing a subscription commerce. Rental can be there for a day or two, but what we are establishing is a long-term subscription space which will display ownershipaltogetherbecause they will be inherently cheaper andinherently flexible than the normal mode of ownership," Bamania said.
He added in the US and UK economies, people have stopped buying cars, and are instead using leasing options.
"The nuance of ownership has already changed. If you look at the US and UK economies people have stopped buying cars, they areusing leasing options for cars, bikes and other severallifestyle options. General Motors, Ford etc themselves offerleasing ability. Therefore, we are here to just capture the rise," he said.
On the size of rental market in India in thecoming five to ten years, Bamania said it is a pretty huge market. Right now in the furniture and appliances category,the market is USD 30 to 35 billion, including consumerdurables and others.
"I think we are already the part offinancing market as we are providing leasing option."
On expansion plans, Bamania said the firm is looking at two to three more cities.
When asked what is the matrix behind his firm getting 40 to 50 per cent commission more than Flipkart and other e-retailers,Bamania said RentoMojo does not play with the discountvariables as e-commerce firms are doing.
Disclaimer: No Business Standard Journalist was involved in creation of this content
