B2B rental platform Settlrs raises $1 million
- ByTejika Bajaj | January 21, 2022
B2B services rental platform Settlrs has recently announced that it has raised a consolidated sum of $1 million in a funding round led by Canbank and supported by other investors. Canbank Venture is joined by other investors such as high net worth individuals and Singapore based VC’s MaGEHold PTE and JN Capital.
The company officials have clarified in a statement that the current proceeds from the fundraise will be deployed to set up a fintech platform. Furthermore, the startup also intends to utilise the recent funds for foraying into new markets and expanding its presence in the existing ones.
Talking about the recent round of funding and the vision of the startup, the founder of Settlrs, Gaurav Ranebennur said, “Renting as an organised business in India is in an early stage. We believe that the innovative fintech solution being introduced in Settlrs platform would result in greater adoption of our business and contribute to streamline the unorganised rental market. Also, our solution offers businesses a chance to reduce their capital expenditure and choose flexibility of using new products.”
Founded by former Tata employee, Gaurav Ranebennur, Settlrs is a Bengaluru based startup which was incubated at IIM Bangalore. The startup provides a multitude of ancillaries such as furniture, home appliances, fitness equipment and IT infrastructure to startups and co-living spaces on lease basis. With the recent fundraise; the startup has plans to foray into the B2C space in the long run.
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