When I shifted to Chandigarh for my studies, I tried finding a fully furnished flat. However, the task was difficult. Shifting to a new city is a hectic decision. Especially, for bachelors and working professionals like me. Buying a whole new lot of furniture and home appliances can make a permanent dent in the pockets. So how to ensure that wallets don’t get demonetized?
There are various problems persistent in the furniture rental market yet to be solved. The demand for fully furnished flat among bachelor and young professionals is remarkably high. While the supply is comparatively low. Students and strugglers don’t want to purchase heavy items due to the uncertainty of tenure of stay and hassles involved in purchasing and relocating.
According to PricewaterhouseCoopers, the sharing economy will generate potential revenue of $335 billion by 2025 globally. In India, just the market for rental of furniture is seen at around $800-850 million. Rentals of electronic appliances is a $500 million market
Twinkle Singh, Nitesh & Kaish Mangal shifted to Gurgaon to pursue jobs after completing their studies. Twinkle passed out of IIT Kanpur with a degree in Civil Engineering, Nitesh holds a degree in Mathematics and Computing from IIT Kharagpur and Kaish is a software engineer from Thapar Institute of Engineering & Technology.
While they were hunting a house themselves, they monitored a huge price difference between unfurnished and fully furnished properties. And so did I while I was in Chandigarh. Despite that, they bet for fully furnished property due to the reasons described above. The incident glows a light in their minds and this is how FreQuip came to existence.
FreQuip is an online engineered platform which helps you rent furniture and home appliances for your abode on monthly rental basis. Headquartered in Gurgaon, the name of the startup is a combination of two words: Frequent and Equip which means get equipped with the go as frequently as you move easily without any hassles.
The trio met at their workplace, launched the company, bootstrapped for 6 months and then received fundings in September with the help of Espark – Viridian accelerator. However, the amount of investment is undisclosed.
“We provide flexible rental tenure where a person has the freedom to leave at any time he wants. Our customer doesn’t have to lock-in for any tenure. We also provide easy try out options – by keeping our 3 month’s rent low,” says Twinkle about the USP of FreQuip.
Entrepreneurs should focus more on unit economics, and try to build a self-sustainable model independent of funding.