TYLTA, an entity of Proximity Ventures, endeavours at developing a sharing-based economy and introducing less ownership cost. Typically every household has many rarely used items, just sitting on shelves, almirahs or attics. At the same time, there are a lot of users who need specific items temporarily. They have an occasional necessity of the item, but cannot buy outright due to high cost. facilitates unravelling this problem.
is a Peer-to-peer Rental Platform for lenders and borrowers, enabling owners to earn by renting their nominal used products; at the same time, borrowers save money by renting products that are not used often. Using TYLTA, lenders can turn any household items into an income source by renting (lending), thus enabling them to make money. On the other hand, users can borrow the items and avoid buying, thus saving money.
How did it ignite?
Arpit Seksaria and Deepak Sharma are the founders of TYLTA. The duo is the brain behind this concept. This idea came to Deepak when his friend, who once visited him for a couple of days, needed a stroller for his baby. They asked around in the neighbourhood, but all they had as an option was to purchase a new one, as they couldn’t get a hand on any used one. There were no people in the vicinity who could have lent them for just two days. That’s where this idea developed, a picture of sharing and lending.
The USP of TYLTA
- TYLTA is unique in a way such that it aims at developing a sharing-based economy along with the introduction of less ownership cost.
- Its a Peer to peer rental platform, enabling owners to earn by renting their less used products, at the same time allowing the renters to save by borrowing products that are needed temporarily.
TYLTA and its team analysed various existing SAAS platforms and also considered developing their own. According to the resources, the startup decided to go with a SAAS based solution to get an MVP ready promptly and get into the market swiftly.
One of the significant challenges that the company encountered was changing the customer’s mindset about renting and getting a lender user base. According to them, a successful startup overcomes all challenges and, more importantly, brings a change in society and consumers’ mindset. They are hoping to make “buying a thing of past”.
Business Model And Funds
The company is currently discussing with some promising Investors, which will hopefully materialise soon. TYLTA strives to induce revenue through commissions from each transaction, along with advertisements and subscriptions.
Currently, TYLTA is in bootstrap mode, but they have plans to secure funds soon through investors and other channels, and invariably, through their typical day to day operations. Along with lending and borrowing offerings, the company highlights that it will look forward to incorporating swapping and selling options.