raises $3,00,000

Published by Sharath N on November 23, 2015 00:44:45 AM
Raj Sivaraju

Hyderabad based start up firm MarketPlace IT Solutions' online renting platform, has recently raised $3,00,000 funding from angel investor. With this investment, the company plans to technically improve the portal of as the largest player in the arena of online renting services, Raj Sivaraju, founder of MarketPlace IT Solutions told Metro India. The company is going to launch its global platform as, he informed.

He said, “The company serves both in B2C and C2C modes which allow customers rent the products they like as per their choice along with putting their under-utilised assets for rent. stands as an example of the new age concept, sharing economy, where micro entrepreneurship is fostered. This is the platform where people take active part in creation, collaboration, production, distribution and trading person to person. This is the system where people as co-owners and customers are immensely valued.”

“Ideas of people as entrepreneurs are respected and integrated directly into the business aspects like supply chain, organisation and development. The portal lets anyone to list the things that are not currently in use and to find someone who can rent it for some time. An individual or a company can register themselves with In a country like India there is a dire need of renting platforms as many of them look for renting things right from computer systems, laptops, cameras, refrigerators to cars, bikes and the list goes on,” he added.

He further said, “This initiative reduces wastage and thus promotes greener environment. It minimises the carbon foot print by putting under-utilised or products that are not in use into optimum use. Renting own products as a concept brings entrepreneurship to every common person’s door step. It reduces the status of being limited or hard to access by removing exclusivity.

Sivaraju has a vast IT experience working with Deloitte, Broadridge Financial Solutions and Countrywide Mortgage Services. Explaining about the inception of the concept, he said, “The idea just sprouted up when my 13-year old son wanted to play video games by exchanging them or sharing them from his friends. This influential thought transformed into a phenomenal process which could let every household a market place and every individual an entrepreneur with almost zero investment.”

Relying on the futuristic outcome of this idea, Sivaraju started with a small office which had now a team of 26 likeminded people. The company strives to bring together people from across the globe and reinvent the rental experience through safe and secure sites and apps. He plans Annual Maintenance Contract (AMC) to support the product owners. The company is also in talks with to bring insurance coverage to the renting products from the website. is currently operational in 10 cities in India including Hyderabad, New Delhi, Ahmedabad, Bangalore, Chennai, Kolkata, Mumbai, Noida, Pune and Surat. Soon the company is planning to enter tier-2 cities in India as well.