Sunday, May 26, 2024
Startups in Africa

Rentoza is Leveraging the Sharing Economy in a Cost-effective Manner

Rentoza was started by a group of four South Africans who were convinced the stuff hiding in the bottom of their cupboards and in the garages should be paying rent for taking up so much space.

The startup allows individuals and businesses to list their lazy assets on the Rentoza marketplace.

Customers are able to seamlessly access these items via a low-cost rental model, which is augmented with a robust screening process and is supported by product insurance.

Facebook has been the most engaging platform for Rentoza’s marketing and has been largely funded by the founders. They however face the big risk of not getting enough scale on the product inventory side to match consumer demand.

In the process of starting the business, the team spoke to the very best people and companies in South Africa, and convinced them to get on board to help them make it super safe and easy to use.

Initially, they outsourced the development of the platform outside South Africa but later realized that they needed South Africans because they would understand the intricacies of creating a product that serves the people of the country best.

Renting sounds like risky business to a lot of people. If you’re borrowing you want to be sure you don’t have to pay up for something that breaks during delivery or by accident. When you’re renting out, you have to be sure you’re covered if something breaks or goes missing.

This is the reason why Rentoza partnered with Old Mutual Insure in order to ensure comfort when it comes to renting with Rentoza.

Every item rented through them is insured at replacement value and it involves a simple process for reporting damage or loss as a borrower or lender. If a client runs into any issues making a claim, they’ll step in and help you resolve it.

Rentoza, being Africa’s first on-demand market place for rentals.

Through vendor partners, they have created a product offering made available to the consumer to access, for a period as short or long as they would like in a cost-effective manner.

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