This is Amit's story and his startup GoRenty:
Tell us about yourself and your organization?
My Bio :
I am Founder of GoRenty and having 12+ years of experience in product development : eCommerce in different industries - IT, Travel, Training, Reinsurance, Real Estate, Education... Also worked for British Airways(London), NIIT, HCL...
Gorenty.com is retail shopping with a difference! Here, instead of purchasing things, you rent them. It is an online rental marketplace that allows owners of goods/services to rent them out to interested users, and thereby earn money from it. From house, furniture and furnishings to home appliances, party-wear, jewellery and even cell phones. Search it on Gorenty and chances are good that you will find it. Similarly, the site also helps renters to save money by finding attractive rental deals.
What are your company roots? What was the 'eureka' moment when you decided to start the company? Who initially funded it? Was there any angel funding /PE/VC funding involved?
One day when I was cleaning my cupboard I found my dump wedding dress and thought that I am not going to use this again. Then this bring my mind to create a platform where anybody can post their expensive wedding dresses, party dresses on rent and earn money similarly renters can take expensive dresses on cheap rentals. Then I have talk to several people in my circle and everybody like the concept and I have started Gorenty. The objective to create Gorenty platform is which work not only peer to peer but also business to customer as well for renting solutions.
Its self funded.
In 25 words or less, what are you all about? What problem do you solve and for whom?
Gorenty.com is an Online Rental Marketplace that brings owners and renters together. GoRenty allows owners to rent out their stuff, similarly renters find attractive rental deals.
What is call to action for your customer segments? or your partners ? or your potential investors?
Why pay for everything? Rent it from GoRenty and save money!
How do you make money (or plan to make money)? Who are your primary customers and why do they choose you?
In the present phase of Gorenty, it’s completely free for all owners to post free ads and renters can search stuff for free. We have a plan to add Premium Listing, and also want to add product delivery facility where our owners can also use our platform for online payments also and we can keep some cut of the total amount.
The target customers of the online retail market were the buyers and the sellers. Gorenty is designed to tap into the unexplored customer base the renters Their objective is to connect people who own unused stuff at home to those who need them for only a temporary duration – a day, week, month or maybe a little more. They also want to help people who offer their stuff or services on rent to get it more organized. So as a complete rental marketplace they are different from others
What are your marketing channels? How do you use social media for marketing? What are the platforms you primarily use for marketing? Have you outsourced your social media marketing or plans for future?
Currently we are only using Facebook. Yes we have plans to do SMM for future.
How big is your Business Development team? What is the current mix - purely technical vs MBAs? What are you plans for ramping up Business Development Team?
This out of the box platform got initiation from Me (Amit Kumar), Vineet Goyal and Amit Kumar, who are the founders of this platform, both having 12+ years of experience in the Java Development and creative digital industry respectively. It took shape in the hands of Manju Bala, who is the Co Founder and Product Head having 12+ years of experience in UI and product designing. Mr Joginder Pal is the president of Gorenty.com and Klick Magic Solutions. Gorenty is the product by Klick Magic Solutions.
What are your dreams for your company?What trends do you see heading into 2014 and beyond that are relevant to your industry and company?
Our dream is to organise the rental market not even in tier 1 or tier 2 but also in tier 3 cities as well. Soon we are planning to launch mobile application, pick and drop and online payment option.
What are the biggest challenges you are facing in scaling your business up? What’s the #1 to # 3 thing on your To-Do list?
Biggest challenge is to convince people how to rent out their personal stuff as they have always doubt that renter will spoil their stuff or they will not return their things. We have agreement format which both the parties can sign with term and conditions and we suggest taking advance rent, deposit amount with id proof. In case of valuable/expensive stuff the agreement can be made on stamp paper.
Last but not the least, are you looking for hiring interns or full time managers for your company? If yes what is the best way to reach you or your HR?
Yes we have a plan to hiring interns & full time managers also. They can reach me directly.