Rental Startup RentoMojo Launches ‘Bikes on Lease’ Service for Users!
Furniture and home appliances rental company RentoMojo has launched an exciting service for customers, called ‘Bikes on lease’. The company is cashing on the increased demand of two-wheelers in India because of traffic woes and easier maintenance.
RentoMojo raised $5 million funding from Accel Partners and IDG Ventures last year and is keen on raising the bar this year. With this new service, the company plans to provide not just a temporary rental to customers.
This service will be started in Delhi-NCR, Bengaluru, Chennai, Mumbai and Pune to start with. Customers will be able to hire bikes, like cars offered by Zoomcar and Myles, on a monthly basis so as to reduce the running costs of consumers. According to a report, over 80% of the population in these cities commute by bikes.
“While older generations grew up, also thinking in parallel about houses and car ownership as necessary accomplishments, millennials have scaled back on material possessions and big purchases. With challenging lifestyles and tough jobs, they look at living and transportation options differently and make a significant use of sharing economy. With these evolving lifestyle trends, our aim at RentoMojo is to provide accessible and hassle free solutions to this generation,” Geetansh Bamania, CEO and Founder – RentoMojo.
There are a handful of bikes and scooters like Honda Activa, Bajaj Pulsar, Bajaj Avenger, Honda Shine and Honda Navi etc. Gurgaon and Hyderabad already have got a flavour of uberMOTO and Ola Bikes, and this new service will allow people to rent bikes wholly.
Features of Bikes on lease
Customers can request bikes for any duration because the bike is handed over to them, and then lease the bike different monthly durations. For example, Bajaj CT 100B starts at Rs. 2,100 per month if rented for 24 months.
One will have to shell out Rs. 5,000 refundable deposit before leasing the bike. The monthly cost increases if you reduce the rent duration. For example, a 12-month booking for the same bike will set you back by Rs. 2,749 per month.
RentoMojo will also give a detailed comparison for you to share the actual price incurred by you at the end of the year, versus the price you would have paid, had you bought the bike. You can rent the bike for 1, 3, 6, 9, 12 and 24 months.
RentoMojo has brought an amazing deal to people who prefer travelling by bikes because there are no hourly rates for you. You can rent the whole bike at a very nominal rate every month and decide the duration as well, which is a win-win situation for both the involved parties.