Rent It Bae raises funds from Gems VC, plans offline expansion in Delhi NCR
today Feb 11, 2019
Fashion rental platform Rent It Bae has managed to raise an undisclosed amount of funding from GEMS VC, a fund based out of New Delhi. The company will be investing the money to further expand its presence in the country.
Rent It Bae has planned major expansion in the Delhi NCR regions where it will open more stores. The company will also strengthen its online network and increase its service locations to 30 across the country.
Rent It Bae is expecting its revenue to triple to Rs 6 crore ($900,000) by the end of 2019. Currently, the company has an annual revenue of Rs 2 crore.
Commenting on the investment, Aditya Gupta managing partner at GEMs said, “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.”
Aanchal Saini CEO and founder Rent It Bae added, “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.”
Rent It Bae allows customers to rent designer clothing for four days or more for between 10 and 15 percent of the garment’s retail price. It currently services 12 cities through its online network and also has a flagship Store at Rajouri Garden, New Delhi.
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