RentMyStay was founded by a young and energetic team of Kiran Nagarajappa, Rakesh Kamble, and Nanjunda.
Kiran with 12 years of experience in Product management, Product design and software development has worked on Large Enterprise applications, Algorithmic Trading and Big Data during his tenure at Hewlett Packard, Goldman Sachs, Reach360 and SureWaves.
While, Rakesh Kamble with over 11 years of experience in Product management, Product designs, Product transformation and Software development was associated with Wipro, Unisys and Satyam. Nanjunda, being the youngest founding member is from a business family and has great zest for online marketing.
The Idea and starting phase
While a casual stroll with Kiran, Rakesh expressed his wish to rent a place for 2-3 months to stay closer to his under construction house to oversee the final finishes, but realized how difficult it was to get home for such a short-term. Kiran also recollected that he had the same need when he was on a sabbatical in Kodaikanal and this sparked the idea of RentMyStay.
They wanted an innovative name that could reflect both the Owners’ and Tenants’ perception toward the venture. Thus, the title RentMyStay came into existence which bears binary meaning. For the owners, it means that they could rent their space and for the tenants it implies that they can rent their stay.
Market and Competition
Diving into the vast sea of rental market was the real challenge for RentMyStay. And to stand out among all the players demanded a placard of innovation. To achieve this, the founders brought in the approach of flexi rentals without hefty advances.
Apparently, people now rent homes for any duration and stay closer to their work places through RentMyStay. The agony of commuting from one end to another end in a bustling city is eliminated. Guests book homes for a couple of days, weeks or months without any restriction.
RentMyStay works with the owners on an exclusive arrangement and enables them to rent homes on flexi rentals by eliminating the traditional long-term leasing system. As a result, owners earn more rental income whereas, guests save 40% or more compared to hotel stays. The effective cost at their platform is much lower than service apartments or hotels. The cost being inversely proportional to the duration of stay is another added advantage.
Competition is from players such as Airbnb, local service apartments. But according to them, being the first player to provide homes with various amenities and malleable leasing rates gives them an edge over other online platforms.
Challenges and road ahead
The struggle during initial days of business has taught to be more frugal, focused and follow the lean approach, shares the team. The group also prides itself in finding revenue sources in a short span and turning the organisation into a self-sustaining one. The effort to locate a couple of investors for the expansion of the business is still under progress.
The group admits, RentMyStay was not just a start-up experiment. It was their dream project, their passion for life. Giving up a professional job, convincing the loved ones for just an abstract idea was not effortless. Despite of all the hindrances endured, they pursued their objective.
Thoughts for aspiring entrepreneurs
The team believes that success of a start-up is not based on a great idea but on execution. One should not strive to mould a perfect idea. The idea engrave itself and transcends to the next level only when the team builds a prototype and talks to a lot of customers.
They conclude with a simple note, Apple weren’t the first to create a smart phone. Google wasn’t the first search company. They all just did it better than the competitors.