As part of the transaction, Prayag Mohanty, vice-president at IvyCap Ventures, and Bhaskar Majumdar, managing partner at Unicorn India Ventures, will join the board of GrabOnRent Internet Pvt. The funding was raised through the IvyCamp platform—an incubation platform of IvyCap Ventures—and the proceeds will be used for customer and vendor acquisition, along with product development. Post investment, IvyCap’s Prayag Mohanty, Unicorn’s Bhaskar Majumdar will join the board of GrabOnRentBengaluru: Bengaluru-based GrabOnRent, the on-demand product rental marketplace in India, has secured an undisclosed amount in pre-Series A funding from IvyCap Ventures, with participation from Unicorn India Ventures. “This is among the first few investments of IvyCap Ventures Trust Fund II and forms part of our early stage strategy, through which we have allocated Rs.60 crore for early-stage investments via the IvyCamp platform,” said Vikram Gupta, founder and managing partner of IvyCap Ventures. Founded in September 2015, GrabOnRent focuses on connecting rental product suppliers with consumers, facilitating product discovery, quality assurance, smooth payments and logistics support through the platform which otherwise is cumbersome in the offline rental industry.

Source: Mint June 14, 2016 19:52 UTC