Want iPhone X? Get it for just around Rs 4,299, courtesy RentoMojo

Everybody wants an Apple iPhone X or for that matter Galaxy S9+. Here is how to get your hands on these devices cheap. RentoMojo, a startup that allows customers to lease furniture, appliances and bikes, today said it will now offer a similar service for high-end mobile phones like Apple's iPhone X, Samsung's Galaxy S9+ and Google Pixel 2 through its platform.

This new service, it expects, will help bring in more customers to its platform and increase transaction volumes as well, according to RentoMojo founder and CEO Geetansh Bamania. "Consumers can now subscribe to or obtain smartphones on lease, through our RMI (Rental Monthly Instalments) system, as opposed to purchasing and owning," he said.

The company currently offers smartphones from brands like Apple, Google and Samsung on monthly rentals starting from Rs 2,099 up to Rs 9,299 for a period of 6, 12, 18 and 24 months - iPhone X is available for around Rs 4,299.

Bamania said the company is also in discussions with other players to make more devices available on its platform.
The service is currently available in Bengaluru, Delhi, Gurgaon, Mumbai and Noida and will be expand to Chennai, Hyderabad and Pune in the next quarter, he said.

"This arrangement offers the perfect opportunity to users to upgrade and keep up with the latest device innovation, frequently and at a significantly lower cost. In addition, a subscriber also has the option of owning the product by paying a certain sum, post the lease period," Bamania said.

He further that the company expects mobile phones category to become 40 per cent of its overall revenue at scale and increasing its customer base by 50 per cent in the next few quarters.

The company, which has so far raised USD 17 million from investors like Accel Partners, IDG Ventures, Bain Capital and Renaud Laplanche, currently operates in eight cities -- Bengaluru, Pune, Mumbai, Hyderabad, Chennai, Delhi, Gurgaon and Noida.

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While Bamania declined to comment on the revenue numbers, he said the company has been growing at 100 per cent year-on-year and expects to break-even by March 2021.