“Notice the small things. The rewards are inversely proportional” says by Liz Vassey suites perfectly to Rentomojo a Mumbai based marketplace. Now they are building a strategy to be a profitable company within the next 1.5 years by increasing it customer base by 2 lakhs.
Rentomojo offers furniture, household items for rental with affordable cost attracts most of the Bachelors and spinsters who are relocating to Major cities on temporary basis. There are several players in the market helps people to get the flats or houses for rent. However, it is next thing to impossible to get a furnished flat or house in Bangalore or in Mumbai with reasonable price. In an average you need to spend Rs.18,000 to Rs.20,000 per month for a furnished flat. With the help of the Rentomojo you can furnish your Rs.10,000 rented flat for just 3,000 rupees.
Most of the other players in market similar to Rentomojo providing furniture for rentals. However, cost and exceptional quality differentiates Rentomojo from other competitors.
After raising 1 million dollar from seed funding now they are focus completely on adding more users in limited geographical locations. Currently they are providing serving Mumbai, Pune, Bangalore and Delhi-NCR.
Unlike other business it is not a challenging task to attract users and to increase the turn over. However not paying the rent of time, absconding without any information, damage of items will lead to revenue leakage where rentomojo have to design a process around it to avoid revenue leakages. Delay in delivery or setting up of the items, damaged product and not relocating on time will cause high level dissatisfaction among users. If they are able to focus on this 2 then it is easy to make their business profitable with 9 to 12 months