Mumbai, February 1, 2019: Guarented, a leader in online renting and selling of refurbished appliances and furniture, raises Pre-series A funding from Mumbai Angels Network (MA), India’s leading early stage investment platform.
This is the second round of funding that Guarented has raised since its inception in 2016. The key initial investors in the company include K-Start ( Kalaari Capital Seed Fund) and Aneesh Reddy (Co-Founder and CEO, Capillary Technologies).This round of funding is a co-investment between MA and Angellist.
The Bangalore -based player was founded by Harshwardhan Raikwar, Prateek Agarwal andAbhimanyu Dikshit who are friends from their engineering days at IIT Kharagpur in 2012. The founding team with its deep experience across technology, operations, analytics, sales and consulting, is perfectly poised to propel Guarented to its next level of growth with the MA funding.
The twin pain points that Guarented is solving for are trust and flexibility. The problem of lack of trust in product quality is being addressed by displaying the true condition of the product on the marketplace. Flexibility is being provided by providing options to rent, rent to own, buy and buyback.
The company has identified two distinct target segments for their rental and sales businesses. The target segment for rental are bachelors aged between 22 - 30 years of age, who have recently shifted cities for work or studies. The target segment for sales of refurbished products is a wider set of customers who are value conscious and aspiring to own an appliance or a furniture. The company reaches its customers both through digital and offline channels.
“Our core value proposition is the refurbishment that we are doing. We add huge value in the products when we refurbish. Customer buy from us because we are affordable, flexible and reliable. ," said Co Founders, Abhimanyu Dikshit and Prateek Agarwal
On the fund raise, Co Founder Harshwardhan Raikwar commented, “We are proud to be associated with MA Network and look forward to the value they bring to propel our growth. We plan to use the investment to expand our capabilities around technology, marketing innovation, new product offerings and expanding to newer cities across India..”
“We are very excited to add Guarented to our portfolio group of companies. The rental and sharing economy is one of the key trends that we are extremely bullish on. We also see strong investment interest from the next level investors, whether funds or family offices or strategic investors for companies that have demonstrated strong traction, execution capabilities and understanding of the changing consumer behavior. We believe Guarented has a strong business model and are dedicated to providing them with the support they need to succeed,” said MA Network CEO & MD, Nandini Mansinghka.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network (The MA Network) is India’s premier investment platform focused on investments in new ventures. The MA Network is today 350+ members strong across 7 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa and Pune). We have built a strong investment framework through which we showcase 60-70 highly curated investment opportunities to our member base, chosen from a funnel of 4500-5000 companies we review every year. The network now has a 130+ strong portfolio with 30+ exits. several of whom were at multiples comparable with global benchmarks in new venture investing.
About Guarented Rentals Pvt. Ltd.
Guarented is focussed on creating steady and strong supply for refurbished appliances and furniture which it rents and sell to the end consumer.
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