NOVEMBER 20204BMW 7 Series is a sleek, high performance, luxury car that costs well upwards of INR 1 crore. A person from our parents' generation would have never even had the aspiration to ride in one of these vehicles. However, Rishi, a young 27 year old software designer, residing in Gurgaon does not only have the aspiration to ride in a luxury car but can also fulfill his desire. Not that he has the financial means to own an uber expensive vehicle; but he doesn't mind renting it out, a concept that would have been frowned upon by his father. This willingness to `rent out' things by the young Indian millennial population has been boosting the `shared economy', which is characterized by an aggregating platforms (mostly digital) that allow peers to share assets with one another at affordable prices. A report by Maple Capital Advisors concluded that by the end of 2020, the Indian shared economy will be worth a whopping $2 billion. Those are some staggering numbers for sure! Driven by young urban demographics, internet penetration and digital connectivity, the shared economy is a sunrise sector that is just peeking through the horizon. However, the major factor fuelling this desire to rent instead of buy is the younger generation's love affair with being free and having no strings binding them to a spot. Back in the day people felt immense pride in owning assets; be it a vehicle, a house or regal furniture. Back in the day people also chased a stable life, which would have them work at the same job, live in the same house and use the same appliances over years. But, the younger generation does not aspire to stay still. They want flexibility, novelty and the ability to be mobile. Prateek Chaudhary, Founder & CEO, BhadePay puts it aptly, "Today, consumers want to be as mobile as possible. If tomorrow a situation arises, they should just be able to pick up their backpacks and leave with no worries". This mobility and flexibility is the USP of all online rental startups. Be it furniture, appliances, vehicles, medical devices or houses, online rental startups have been providing users with options galore, through an easy to use and affordable platform. The current edition of StartupCity brings to you a list of `10 Best Online Rental Startups ­ 2020'. Each name mentioned in the list is a beaming example of the innovation, understanding of consumer needs and expertise to push unit prices down. So, rent out that Gucci clutch for the upcoming Diwali party and feel out how the regal leather couch goes with the drapes in the room, after all it will cost you a fraction of the actual price. Do let us know your thoughts. Rachita SharmaSpecial EditorIndia's Express Generation is Fuelling the `Shared Economy' ModelEDITOR'S NOTEVisualisers S Sivasankar J Dennis Bennito siliconindia Vol 7 · Issue 05 - 02 · November 03, 2020 Publisher Alok Chaturvedi Special Editor Rachita Sharma Editorial Team Aparna Roy Monica Pallavi J Likhith Aradhya Subhadarshini Mohanty Sales & Marketing Ravi Kumar C S Sonia Editorial Queries startupcity@siliconindia.com To subscribe Visit: www.siliconindia.com/subscribe/ Cover price is ` 150 per issue.Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2020 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.sales@startupcity.comGroup Art Director Ashok KumarCirculation Manager Magendran PerumalSr. Manager Sales & Marketing Virupakshi Pattar
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