Offers a range of products from the Swedish furniture giant on lease
Bengaluru, RentoMojo, a pioneer in lifestyle subscription and consumer leasing business, introduces furniture from IKEA India on its platform. The offering gives shoppers across 8 cities in the country, access to products from one of the most preferred furniture brands in the world, on ‘Rental Monthly Instalments’ (RMI), an affordable and convenient solution to buying.
Starting at an RMI of Rs.99/- onwards, the product range includes outdoor and storage furniture such as bookshelves, TV units and centre tables along with daily use furniture such as study tables and other interesting products, like doorway furniture and more.
All the value-added benefits that RentoMojo offers such as free delivery, installation, relocation and the option of owning the products, apply to the IKEA India furniture as well. What’s more? Shoppers can now experience world class IKEA design aesthetics and quality furniture without having to travel.
In addition to this, RentoMojo is also launching a range of baby furniture (age group 0-3years) such as convertible cribs, portable high chairs and tables from IKEA. With babies soon outgrowing and rendering such furniture unusable, procuring them on lease and returning those makes for a strong value proposition for parents, as opposed to an upfront purchase. Baby furniture will be available on the platform at RMI’s ranging from Rs.239/- onwards.
Speaking on the launch of IKEA India on its platform, Geetansh Bamania, Founder & CEO, RentoMojo, said, “Furniture from IKEA India hugely amplifies RentoMojo’s product and service offering and perfectly complements the existing range of products by offering a large variety and cost-effective alternatives. Furniture is one of the largest categories for us and we expect it to grow by 3x over the next one year. We are also betting big on baby furniture as we foresee strong demand in the segment, especially through our RMI model.”
According to estimates, the Indian home furniture, consumer durables and electronics segment is poised to reach $147 billion by 2023. Lease or rental currently make up only approx. 1-2% of the overall market and is likely to grow exponentially over the next 5 years. As more and more people are constantly on the move, leasing offers them the best alternative to buying or investing by providing a no commitment, subscription-based asset procurement and lifestyle option.
RentoMojo recently added smartphones and laptops to its portfolio of products that consisted of furniture, appliances and bikes, making a mark for itself in the fintech lending space.