Published On: Wed, Sep 25th, 2019

‘RentoMojo Upgrade’ is the Best Possible Way to Own a Smartphone

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Facilitates Yearly Upgrade of Smartphones @ 60% of the Market Value.

Bengaluru, September 25, 2019: RentoMojo, a pioneer in lifestyle subscription and consumer leasing business, introduces an industry-first mobile upgrade feature, enabling users to change their smartphones every 12 months, at 60% of market value. The cost associated with purchasing a branded phone largely impedes people from trying new models before 18 or 24 months of use, making RentoMojo’s upgrade feature, the best possible way to own a smartphone in India today.

Customers can select the latest smartphones from Apple, Samsung, OnePlus, Google, Redmi, Vivo, Oppo, Nokia and Honor, from RentoMojo’s catalogue and acquire it on lease for 12 or 18 months, by paying their rental monthly instalments (RMI). The total RMI paid for 12 months, equals about 60% of the price of the phone, post which the user has the option of returning the device to obtain the latest one in the market. Through this facility, users spend significantly less than an outright purchase, or through EMI’s, with additional benefits such as 100% data security and maintenance, among others. It also enables users to be up-to-date with devices and technology, and clearly demonstrates the advantages of subscription, over purchase.

Geetansh Bamania_CEO,RentoMojo 6

Speaking on the occasion, Geetansh Bamania, Founder & CEO, RentoMojo, said, “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, among others. People are hence unwilling to compromise on devices and latest technology, to ensure safety and hassle-free user experience. RentoMojo’s mobile upgrade proposition, makes this possible at about half the cost of traditional buying.”

“We have seen the sales of premium smartphones booming over the last three years and this year, a lot of people will be looking at changing their phones, making this the best time to launch RentoMojo’s upgrade feature” – he added.

According to the recent reports, the growth in sales of smartphones is expected to continue, despite the current economic stress, with the cumulative industry growth expected to reach double digits. The number of smartphone users in India is expected to reach 859 million by 2022, registering 84%. The average price of a premium smartphone in India is Rupees 35,000 and 40% of the users want to change their phones within 12 months of purchase.

Apart from mobiles, RentoMojo also offers household appliances, furniture, and electronic devices on lease for flexible tenures, beginning from 6 months onwards. The RMI payable on these products factor in the tenure, with lesser monthly pay-outs on longer tenures and vice versa. By creating an innovative financial option in the form of RMI, RentoMojo has made a mark for itself in the fintech lending space. It has also implemented advanced algorithms using Machine Learning, for risk assessment and optimum stock utilization.

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