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RentoMojo, a lifestyle subscription marketplace for renting household appliances, furniture and electronic devices introduced a mobile upgrade feature that allows users to change their smartphones every 12 months, at 60 per cent of its market value.
Users can select from 25 models of the latest smartphones from Apple, Samsung, OnePlus, Google, Redmi, Vivo, Oppo, Nokia and Honor on RentoMojo and lease it for 12 or 18 months on rental monthly instalments (RMI). The total RMI paid for 12 months, equals about 60 per cent of the price of the phone, post which the user has the option of returning the device to obtain the latest model in the market.
“The cost associated with purchasing a branded phone largely impedes people from trying new models before 18-24 months of use, making RentoMojo’s upgrade feature, the best possible way to own a smartphone in India today” said Geetansh Bamania, founder and CEO, RentoMojo.
Users will spend significantly less than on outright purchase or through EMIs, with additional benefits such as 100 per cent data security and maintenance, among others. It also allows users to be up-to-date with the latest devices and technology, and clearly demonstrates the advantages of subscription over purchase, added Bamania.
According to recent industry reports, growth in sales of smartphones is expected to continue, despite the current economic stress, with the cumulative industry growth expected to reach double digits. Number of smartphone users in India is expected to reach 859 million by 2022, from 400 million smartphone users at present.
“The average price of a premium smartphone in India is ₹35,000 and 40 per cent of the users want to change their phones within 12 months of purchase. The sales of smartphones will continue to rise as it is no longer a lifestyle choice but an essential, integrating a number of vital facilities including banking, shopping, payments, booking, etc. Therefore, people are unwilling to compromise on devices and latest technology, to ensure safety and hassle-free user experience” said Bamania.
Apart from mobiles, RentoMojo also offers household appliances, furniture and electronic devices on lease for flexible tenures, beginning from six months onwards. The start-up has also implemented advanced algorithms using Machine Learning for risk assessment and optimum stock utilisation.
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