KUALA LUMPUR, 31 January 2020 – RentSmart Asia, a Malaysian-based startup, recently launched a fully insured peer-to-peer online rental platform to share resources. The first of its kind in Malaysia, the platform lets you rent out your underused items and gives you cheap, convenient short-term access to things you need.
Aiming to do for rentals what eBay did for buying and selling used items, RentSmart’s business model leverages on the concept of sharing economy.
“RentSmart was conceptualized because we believe people don’t have to buy the things they only use occasionally, relieving one the burden of buying and maintaining new assets. Whether it’s financially or environmentally driven, with today’s global economic pressure, people are less and less interested in owning things,” said Indran Gegathesa, the co-founder and CEO of RentSmart Asia.
“RentSmart Asia connects people with unused idle belongings to those who needs it. With a combination of risk-profiling technology and insurance, we aim to make it possible for anyone to have access to almost any items they need, fast, seamlessly and safely,” he further added.
All items on RentSmart Asia are fully insured therefore eliminating risk for lenders. Renters on the other hand can rent with just a deposit of RM100.
Since its soft launch in June 2019 in Klang Valley, RentSmart Asia has gained early traction among consumers needing short-term rentals such as cameras, projectors and screen, PA systems, bicycles, winter jackets, and camping gears. With approximately 500 listed items, the platform is also filled with unusual items like Yumi, the Japanese bow and arrow. Items are priced per day, with the option of discounts if one rents for a longer period of time.
“Let your belongings work for you,” quipped Indran. Do you have unused kitchen pans, coffee machine or vacuum cleaner lying around your home? Instead of letting your belongings that are not being used idle away in a store room or attic, monetize it by renting it out to someone who needs it by simply putting it up on RentSmart Asia.
Are you redecorating your house and in need of a drill just for the day? Are you throwing a party and in need of some chairs, tables and cutleries? With RentSmart Asia, one is able to save money by sourcing these items from another person on the platform and renting it for a fraction of the buying price.
We live in a world today that buying is not necessarily the answer to “retail therapy”. A lot of us want the experience and the memories of a good experience to last a long time. With RentSmart Asia, one is able to find their favorite blow up house or a barbecue pit and throw a memorable party, or find that beautiful dress with matching a shoe to rock a party, with fraction of the actual cost.
Being a social sharing platform, users of RentSmart Asia are also able to meet like-minded people and develop meaningful relationship through sharing of belongings on the platform.
The sharing concept on RentSmart Asia creates a more sustainable living environment as people continue to reuse existing item that still has useful life in it. It helps reduce wastage by buying only when necessary.
“We at RentSmart Asia like to live by this motto, ‘rent what you want, buy what you need,” added Indran.
How it started?
RentSmart Asia was conceived in early 2018 when Indran, an avid outdoor cyclist, found himself having to spend a sizeable sum of cash to purchase a bike travel case for an overseas cycling excursion. Upon his return, he learned that one of his peers had the exact same bike travel case, lying idle. This experience sparked an idea for Indran to create a platform that connects people who have an excess inventory with those who need to use them. Together with Parthiven Shan, co-founder and COO of RentSmart Asia, they then developed the RentSmart Asia platform.
Currently, RentSmart Asia is only available in Klang Valley with plans to expand to other states in 2020.
For more information, please visit: www.rentsmartasia.com