Motorcycle rental firm raises fresh funds

Rent 2 Own Myanmar raises USD 6mn funding

Rent 2 Own (Myanmar) Ltd, a motorcycle rental service, has raised USD 6 million in fresh funding from Germany’s development finance institution Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), and agRIF, an impact-focused fund managed by global impact asset manager Incofin Investment Management. Daiwa PI Partners is also acquiring a stake in Rent 2 Own by buying out an existing shareholder. Launched in January 2016, Rent 2 Own charges users a monthly rental fee, which covers maintenance and insurance. Users have choice whether to upgrade from an old motorcycle and/or buy the bike during the duration of the contract. They have reportedly partnered with over 400 motorcycle dealers in Myanmar. The company claims to have served about 70,000 clients through 34 branches across Myanmar, with coverage from Ayeyarwaddy Region to Shan State. More than 150 new branches are planned to be opened to achieve its five-year target.

Leave a Reply

Your email address will not be published.