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TVS Motor Company has acquired a 24 per cent stake in RentOnGo, a Bengaluru-based start-up operated by Condivision Solutions and an online marketplace for renting bikes. The two-wheeler and three-wheeler maker invested Rs 1.5 crore in Condivision Solutions.
While TVS Motor did not respond to a Business Standard's query, in a stock exchange filing the company informed of making the investment from the futuristic perspective on the emerging pay-by service model.
Condivision Solutions was founded in 2012 by Nikhil Chhabra and Vikash Jalan.
Condivision's turnover in the financial year (FY) 2016-17 was Rs 31 lakh as compared to Rs 15 lakh in FY16 and Rs 3 lakh in FY15.
It currently has a presence in Bengaluru, New Delhi, Hyderabad, Mumbai and Pune, according to the company website.
In December 2015, RentOnGo raised an undisclosed amount through angel funding from Snapdeal's former chief product officer Anand Chandrasekaran, GSF India founder Rajesh Sawhney, Kalpana Tatavarti (partner, Interweave Consulting), Shivanandan Pare (head of e-commerce, Madurai Lifestyle & Fashion) and other angel investors, according to VCCircle.
The website lists products provided by vendors under 15 categories such as vehicles (cars), electronics and appliances, furniture (both home and office), medical supplies, costumes, events and wedding supplies and adventure gear, among others.
Consumers can search for products or browse through products of their interest and also find out the vendor that rents products in their locality through the website.
In another filing, TVS Motor said that it also invested Rs 50 crore in TVS Credit Services. With the investment, TVS Motor's holding in TVS Credit Services will go to 10.6 per cent from 6.79 per cent currently.