India: RentoMojo, a pioneer in fintech leasing and subscription centred lifestyle, head-quarterd in Bangalore, today participated in a cleanliness initiative – Bengaluru Plog Run, supported by BBMP in association with organizations such as Go Native, Let’s Be the change, United Way Bengaluru and Namma Nimma Cycle Foundation, on the occasion of the 149th birth anniversary of the Father of the Nation, Mahatma Gandhi.
About 50 volunteers from RentoMojo covered a total distance of 3 kilometres, beginning and ending at RentoMojo’s office in Koramangala, with pit stops at St. Anthony’s Friary and Diary Circle, collecting plastic waste on the move and accumulating about 40 sacks of the same for systematic disposal.
The move to back this initiative is in line with one of the company’s core ethos, which is ‘Sustainability’. The company firmly believes in the concept of reuse or redeployment of products and assets in order to ensure maximum utilization and minimum impact on resources and the environment. To this effect, it associated with BBMP to contribute to the overall cause of environment and the Swachh Bharat Abhiyaan.
What is RentoMojo?
RentoMojo is an Indian Fintech company that has pioneered the concept of ‘Rental Monthly Instalments – RMI’, allowing consumers an affordable and convenient form of procurement and utilization of movable assets such as appliances, furniture, and two-wheelers. It was founded in 2014 by Geetansh Bamania, a serial entrepreneur, and an alumnus of IIT Madras.
The company’s RMI offering is a first-of-its-kind innovative model where shoppers select and acquire their favourite product on a lease, from RentoMojo’s online platform. This is in contrast to owning the product by purchasing it from a retailer by paying a lump sum or through EMI’s with interest. The concept essentially bridges the gap between the need to adopt a certain lifestyle and the cost associated with it. RentoMojo currently offers household appliances, furniture, and two-wheelers on lease for a tenure ranging from 3 to 36 months, with the option of owning the product at the end of the lease period. The monthly rental instalment payable on the product, factors in the tenure – the greater the tenure, lesser the rental instalment, contrary to traditional rental arrangements.
The enterprise currently operates in 8 cities across the country namely, Bengaluru, Pune, Mumbai, Hyderabad, Chennai, Delhi, Gurgaon and Noida and has a variety of over 150 products on its platform. It has 45000 active subscribers and monthly rental instalments starting as low as ₹129* per month.