The Bengaluru-based startup was incubated at the Indian Institute of Management, Bangalore.
It provides furniture, home appliances, fitness equipment and IT infrastructure to startups and co-living spaces on a lease basis. The company may foray into the B2C space, its founder Gaurav Ranebennur told ET over phone.
The proceeds from the funding will be used to set up a fintech platform and for business expansion to more cities. Currentl Settlrs operates in 15 cities.
“Renting as an organized 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 unorganized rental market. Also, our solution offers businesses a chance to reduce their capital expenditure and choose flexibility of using new products,” said Ranebennur.
Ranebennur is a mechanical engineer who worked with Tata Consultancy Services till 2014. He started a food tech company and exited it before starting Settlrs.
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Canbank Venture is joined by other investors such as high net worth individuals and Singapore based VC’s MaGEHold PTE and JN Capital.
Settlrs has rented out 35,000 assets so far to over 50 businesses.
