There are often situations in life when we have to purchase products at the eleventh hour and can’t afford to wait for the next pay check. With a heavy heart, you finally decide to spend your hard-earned money on the products you would not have purchased otherwise. In the process of post-purchase evaluation, you try to overcome your self-doubts by reinforcing on the belief that you have made a wise purchasing decision. Well, it’s time you stop splurging and get smart. It’s the utility and not the ownership that is important!
IRentShare is one such platform that lets you opt for a smarter way of using products. It is a peer to peer rental and sharing platform with renting companies which combines the ideas of logistics and legal support. Apart from real estate and vehicles, everything else can be rented or shared to actually solve your problems when you don’t have money to buy or want to make money on your spare goods.
Check out how the system works below!
IRentShare has 3 parallels- rent, share and company allowing individuals and enterprises to offer goods for rent/share. If you are an owner and have extra products that you do not need, you can either rent it or share it on the platform. In sharing you don’t charge to help someone in need. If you want to post an item, you have to make an account and then put it on rent after deciding the security deposit, time period and the money you wish to charge. After you complete this process, the item is loaded on the website
On the other hand, if you are a renter who wants to use these products, you will surf the categories and put the items on the wishlist. The site has listed 4 renting companies right now, so you can find products having value up to Rs. 2 lakh like DSLR cameras, iPads, iPhone, laptops, electric guitars, furnishing products, travelling gear etc. They are starting out in Delhi and looking to expand across India in the near future.
The idea of creating such a platform ignited when Rishabh Kapoor was involved in a social movement that was aimed at reducing poverty, war and corruption globally. “I was always very passionate about how we could share resources to solve problems. So my friend and I tried something, but unfortunately it didn’t really take off as we didn’t have sufficient time and so couldn’t implement it properly. I had to eventually drop out for a while and I came back to Delhi where I met Vardhman. So we were just pondering over some ideas and then I came up with the sharing aspect of the platform and he contributed the entire renting part. IRentShare was born out of the philosophy that people should be allowed to rent/share the extra products they have through a monetary deposit system.” added Rishabh.
Rishabh and Vardhman were certain about one thing- they wanted to make the site trustable and feasible. It took them almost two years to launch the platform and they met several people from the insurance industry, schools, real estate agents, NGOs and startups. Currently Rishabh looks after the overall strategy, PR, hiring and maintenance of the site and Vardhman is responsible for day to day operations, logistics, finance, vendor management. Abhishek is a part of the team as the Technical Head undertaking overall Technology Development and Maintenance.
If you are a renter and are interested in somebody’s product, you will have to pay a security deposit which will come under a third party’s account i.e. the account of IRentShare. The company then takes a small commission out of it. They offer Net Banking through Payment Gateway and COD (Cash on Delivery) system. IRentShare is currently listing renting companies like CDP computers, Himalayan Gear, Elite Furnishers and ZED Music Company and planning for a subscription fee in the future.
However, the team has also endured a rough ride and has confronted various hassles in its entrepreneurial journey. “The first sharing venture didn’t really work out and I had to drop out for some time which was kind of hard for me. Secondly, Vardhman and I had to risk our capital and thirdly we were rejected by almost all payment gateways and logistic companies. The legal aspect wasn’t a cakewalk as well.” said Rishabh.
IRentShare has been launched recently and so they haven’t started marketing aggressively. Rishabh said that the feedback has been quite positive till now and they will start on ground marketing activities by mid August by visiting college campuses, schools.
The company is currently focussed at testing the ins and outs of the entire business plan in a small place. Even sites like ebay have to deal with scams where people are running away with others’ products and so IRentShare wants to focus more on security. Through their legal assistance team, security deposit and verified users they are trying to make the entire process as safe as possible.
The website looks quite informative and explains the entire process step by step with the help of comprehensive infographics.
Have a look at their introductory video that explains the entire process in a clutter-free and apprehensible way:
“It’s always better to enter an untapped market as it limits your competition and also increases your chances of success.” Rishabh expressed this as one of the motivations that boosted the conception of IRentShare.
Leave your comments below and let us know about your views on this startup.