The society and the world have welcomed the idea of shared economy. Today’s youngsters have understood the many benefits of sharing and renting rather than buying. It saves time and money and that is why we see a rise in car rental services, shared apartments and holiday homes, rented outfits and so on.
Sidhant Lamba had witnessed some major problems people face when it comes to their struggles with furniture. The buying prices are always high and there is tons of difficulty in selling used furniture. When someone wants to move or simply change the style. For those who are moving often for jobs have to take out additional time and bear the cost spent to move bulky furniture which in many cases arrives damaged. People also get stuck with old-fashioned furniture which doesn’t go with their home décor. Some people need temporary furniture but don’t want to buy them and so on. Fabrento wants to solve all these problems and then some more with free delivery, setup and installation.
Fabrento provides Furniture and Appliances on rent in Delhi, Bangalore, Mumbai and Chandigarh.
Read about Fabrento Company Profile, Revenue, Founders, Business Model, Logo, Growth, Funding, How it works, products etc.,
Fabrento - Company Highlights
| Startup Name | Fabrento |
|---|---|
| Headquarter | Delhi, India |
| Sector | Furniture Rental |
| Founder | Sidhant Lamba |
| Founded | 2016 |
| Website | fabrento.com |
| Contact Email | hello@fabrento.com |
About Fabrento and How it Works
How was Fabrento Started?
Fabrento - Product/Services
Fabrento - Target Market Size
Fabrento - Startup Launch
Fabrento - USP and Innovation
Founder of Fabrento and team
Fabrento - Name, Tagline, and Logo
Fabrento - Business Model and Revenue Model
Fabrento - User Acquisition and Growth
Fabrento - Startup Challenges
Fabrento - Future Plans
Fabrento - Funding and Investors
Fabrento - Advisors and Mentors
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About Fabrento and How it Works
Fabrento is a startup headquartered in Delhi which provides furniture rental for homes. They also deals with electronic appliances, started rental of furniture for offices, created Fabevents which Rents furniture for corporate and celebratory events. They have even launched a premium range for the very well heeled who want to live with luxury.
Fabrento aims to become one of the most successful furniture and appliance rental company in India. Since their sister company manufactures majority of the furniture, Fabrento has the firm belief in providing excellent quality and beautiful furniture to provide their tenants a tasteful home.
Evolution and change is very important but you can’t lose your core business if you believe in it. Alongside quality of delivery and service is key in any service providing business and Fabrento aim at excelling in that.
The online website and soon to be launched mobile Apps of Fabrento are designed in such a way that anyone can navigate it and rent functional and sleek furniture in just one tap. Their affordable rental prices ensure that renting furniture becomes extremely cost effective as compared to shelling out big bucks to buy bulky furniture.
How was Fabrento Started?
Fabrento was started with the main goal of converting consumers’ dream homes into reality.
Mr Sidhant Lamba, Founder, Fabrento has always been passionate about décor and furnishing. He was keen on bringing the latest furniture designs into people’s homes and offices. However, every time a new model of furniture hits the market, it is not at all a feasible option to buy it.
Because of this, many and especially millennials, fall behind to create that impressive first impression through their home décor. Furniture renting is already a lucrative business oversees and this inspired the birth of Fabrento to cater the to the millennial market of India.
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Fabrento - Product/Services
Fabrento has a vast array of furniture. They offer both package deals as well single pieces. Under bedroom category Fabrento provide single and double beds, king and queen size beds, beds with and without storage, wardrobes, dressers, study tables, etc. Customers can decorate their living space with their unique sofas, coffee tables, recliners, TV units, and multi-purpose storage units.
Apart from these, Fabrento also offers furniture for dining area, appliances, and home office, kid’s furniture and even art and accessories.
Fabrento further offers complimentary cleaning and maintenance visit every 6 months to keep the rented furniture in their best condition. Under the relocation offer, they transfer all the rented furniture from one place to another within the city, without engaging any extra charges.
Fabrento - Target Market Size
Major cities such as Delhi, Mumbai, and Bengaluru etc. have witnessed a surge in furniture renting. Researches state that about 65% of India’s population is between the age of 18-35. Out of these, 150 million people live on rent in the Tier 1 and Tier 2 cities of the country and they are turning more towards furniture renting.
"We expect that with the increasing urbanization, rising trend of nuclear families, and expanding working population, Fabrento will continue to witness demands.", says Sidhant Lamba.
This demand is expected to rise in future as the furniture rental market is growing at a robust rate over the period of 2017 to 2024. In India alone this market has been calculated to be about $800-850 Million. A PricewaterhouseCoopers report shows that the rental market will touch $335 billion by 2025 globally.
Fabrento - Startup Launch
Lamba came across the idea when a friend very easily rented furniture helping his brother set up home in New York. Of course furniture has been rented for events and in an unstructured way for many years in India but to be able to develop a tech platform serving as a virtual store seemed very appealing.
"As an interior designer who wanted to dabble in a tech space this seemed like a great fit.", added Sidhant.
The journey of ideating and designing involved hours and days and months of research of the kind of brand he wanted Fabrento to be and what they wanted to be perceived as.
Designing is the part Sidhant loves whether it’s interiors or graphics. He is blessed to have an incredible team who understand our vision and help rectify it when anyone in the team is going off track.
Initial people they spoke to were bankers- very important as they have to believe in the vision for if one were to borrow money. Then millennials through surveys, and ofcourse met with industrialists in ranging fields with vast experiences to pick their mind about how to set Fabrento off the ground.
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Fabrento - USP and Innovation
It is true that there are a few furniture renting service providers in the market. However, what makes Fabrento unique and ahead of the race is the feature of customizing office furniture to rent to match their décor and style. This special service of personalizing their products to meet the rising demands of the clients has been a feature that no other rental furniture company has undertaken to date.
Fabrento has now partnered up with co-living establishments in order to provide the most comfortable, functional and stylish furniture for the students and young professionals.
Alongside Fabrento has one of the largest collection of beds which is essentially the most important part of your home as you spend almost half your life in your bedroom.
From a business point of view, Fabrento manufactures most of their furniture in their sister companies plants on their specifications. So remodelling and renovating it to new for the next clients in easier for them as compared to the peers.
Founder of Fabrento and team
Fabrento was founded in 2016 by Sidhant Lamba.
Sidhant has always been someone to think out of the box. He has done his graduation from Apeejay Institute of Design in Bachelors of Interior Design. Following this, he acquired a Master’s from Regent's University London in International Business.
He has further finessed his studies through studying Interior Decoration from Inchbald School of Design, London, Alongside Art Markets from Sotheby's Institute of Art, London and Lighting Design course from Chelsea College of Arts, UK. He has also studied Digital and social media marketing from Dubai.
He started his career through family business, The Continental Group, which is providing interior solutions since the 1940s. He added the business of a luxury furniture store which sold furniture fashioned and manufactured by the company alongside many brands from Europe and south east Asia.
In 2016, Fabrento became the precious product of his education in interior designs and international business and his experience in the field.
Fabrento has an exceptional team of IIT graduates at the supervisory, operational, management level and advisors with 40+ years of experience in the furniture, design and business industry. They all bring their unique ideas and knowledge on the table. This is why Fabrento furniture is designed with extreme skill and care. All the rented items are at their highest quality and are functional to suit customers of all backgrounds.
Fabrento - Name, Tagline, and Logo
Fabrento just poses the two words ‘fabulous’ and ‘renting’. This name has been selected to send out the message that this company is ready to provide their customers fabulous furniture at fabulous prices.
It is important for them to see that their consumers rent their dream furniture and décor without burning a hole in their pocket. Added benefit is that it’s easy to write, easy to pronounce and easier to remember.
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Fabrento - Business Model and Revenue Model
Fabrento create and design most of their furniture by their teams and in the factories of continental. This is to make sure that the customer gets high end products which then can be refurbished and altered as per the demand in the next cycle in their own repair centres.
This flexibility makes their rented furniture last longer than the rest. The economic inflation works in their favor as it creates more market for rentals. Customers can also swap their furniture according to their need and taste.
Fabrento - User Acquisition and Growth
It took them a long time to devise a marketing strategy. Fabrento as a company believe in the correct spend and not unnecessary spend as it’s easy to get into a rut of brand building exercise which can lead to incorrect and unpalatable spends.
They use a combination of digital marketing on google, social media marketing on Facebook along with maintaining hygienic social media presence for user acquisition. Forming healthy and strategic alliances are key in marketing and mutually beneficial marketing with different publications is a must.
Through media coverage, Fabrento has started to spread the news of the company and the blog Fabrento News. Prestigious newspapers such as Economic Times, The Quint, Indian Express, Business Standard, The Hindu and many more has taken up the story of Fabrento and has spread awareness about their products, events and services among the people. They also have an excellent social and digital media outreach plan which helps them spread awareness and brings large orders of homes.
The growth rate is reflecting the success, with Fabrento’s revenues growing at the rate of 2.5 to 3 times on YOY growth scale.
Fabrento - Startup Challenges
One major challenge in the field of furniture renting is really the lack of awareness. Fabrento wants to spread more awareness among the masses to let them know the wonderful option of renting furniture. They no longer have to shell out big bucks and buy their favourite piece of home décor.
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Fabrento - Funding and Investors
Fabrento's initial investments were INR 15 crores. They had a major economic support by their sister groups and also had the assets structure to support the start up.
Fabrento - Advisors and Mentors
Mr Sanjiv Lamba - The founder’s father and Kavi Ghei who is an illustrious investor in many different fields of business are the advisor of Fabrento. Alongside Mr Aditya Gupta who is an investor and owner of Gems capital investing in many start ups is also mentoring the startup.
Fabrento - Future Plans
They are hoping to reach new milestones in the future. They definitely want to add more cities such as Hyderabad and Chennai and want to create a presence in Gujarat. Additionally they want to continue collaborating with different businesses and establishments who are in want of their products.
They have also launched fabevents in Delhi and Punjab. This is rental of furniture and accessories for the the evergreen wedding market and celebratory events. Alongside they have created furniture for corporate events for businesses and want to expand this segment to other places in India. They want to concentrate on small offices which they can customize too.
To get best offers on renting furniture, click here.Link : https://startuptalky.com/fabrento-success-story/
Author :- Rishabh Rathi
July 10, 2020 at 12:03PM
startuptalky