Bangalore-based RentoMojo, which runs an online rental marketplace for furniture, home appliances and bikes, is using machine learning to analyze the credit profiles of its customers. It also uses predictive analysis for stock or inventory management.
The company, which recently allowed users to own its rental products, considers itself more as a fintech lending startup than a direct e/commerce company.
To determine the credit profile of a user, RentMojo rates a customer based on his or her CIBIL score and the individual’s history on the platform, among other parameters. When customers close a rental deal, the company asks them to submit information about themselves which is later used to derive the score.
As part of the predictive analysis approach, the co-founder said that this core team of five engineers keeps track of data coming in from different geographies. Data sets can vary based on the demand of the categories, particular sets of products, and the exact time when the company’s historical rental information helps to maintain the data.
Last week, the company partnered with online marketplace for pre-owned furniture and appliances Zefo to provide their customers with an option of rental monthly instalments to pick the product of their choice.
About RentoMojo:
RentoMojo created a solution to all your worries, RentoMojo. We are a first of its kind consumer leasing business with a vision to provide a credit infrastructure that evolves and adapts to people’s changing lifestyles. We also offer leases for furniture, appliances, and bikes along with a wide array of services like Rental Monthly Instalments (RMI), Rent to Own and Return at Will. What makes it easier is the fact that we are present in eight cities across India, thus also providing you with the additional benefit to relocate free of cost, anytime you wish!
Source: Techcircle
