Photos: It’s all about renting among Indian millennials

A growing number of Indian millennials are bucking traditional norms and instead opting to rent everything from furniture to iPhones. Even businesses are renting their office furnishings. The millennials feel this system allows them to take more risks... And in case things go south, they can wrap up without losing a large tranche of investments and begin elsewhere. For many millennials, choosing the rental option is as much about taking a road less travelled as it is about saving money.From ride-hailing apps to communal office spaces, the sharing economy is a global phenomenon that is expected to generate annual revenues of $335 billion by 2025, according to PricewaterhouseCoopers. ...read more

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A vehicle from an online furniture and appliance rental company arrives at an apartment to deliver products to a customer. At 29, Spandan Sharma doesn’t own a flat, a car, or even a chair -- one of a growing number of Indian millennials have opted to rent everything from furniture to phones. “Millennials in my age bracket want freedom and earlier what was seen as stability is now seen as a sign of being tied down,” Sharma said. (Manjunath Kiran / AFP)

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Workers sort products prior to their dispatch to customers at a warehouse of online furniture and appliance rental company, in Bangalore. “My parents don’t understand the concept of renting furniture at all. They have never been completely on-board with the idea,” Sharma said. “They said it would be much better to buy rather than rent furniture in the long term.” (Manjunath Kiran / AFP)

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For 4,247 rupees a month, a Mumbai-based executive furnished his entire home, sourcing furniture for his bedroom, living room and dining area as well as a refrigerator and microwave. Sharma isn’t alone. Tens of thousands of young Indians are switching from buying to renting so they can live life with few strings attached. (Manjunath Kiran / AFP)

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Vandita Morarka, 25, interacts with her colleagues as they sit around rented furnitures, in Mumbai. When Morarka set up her feminist non-profit One Future Collective in 2017, she rented everything and channeled the savings from not having a one-off outlay into paying salaries to her staff of 25. “This system allows me to take more risks, and in case things go south, we can wrap up without losing a large tranche of investments and begin elsewhere,” she said. (Punit Paranjpe / AFP)

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Workers load a product onto a vehicle as part of the dispatch process to customers at a warehouse. From ride-hailing apps to communal office spaces, the sharing economy is a global phenomenon that is expected to generate annual revenues of $335 billion by 2025, according to PricewaterhouseCoopers. In India, the boom has fuelled the rise of new furniture and appliance-renting businesses such as Furlenco, RentoMojo and GrabOnRent -- and even jewellery rental apps -- in recent years. (Manjunath Kiran / AFP)

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“We expect to grow by a million orders in under 30 months,” RentoMojo founder Geetansh Bamania said. The Bangalore-based firm rents out furniture as well as appliances, gym equipment, home devices. Launched in 2012 by former investment banker Ajith Karimpana, Furlenco has catered to more than 100,000 customers and expects revenues to cross $300 million by 2023. For many millennials, choosing the rental option is as much about taking a road less travelled as it is about saving money. (Manjunath Kiran / AFP)