TVS Motor acquires 24% stake in online marketplace RentOnGo

Pays Rs 1.5 cr for stake in bike renting start-up that availed funding from ex-Snapdeal exec in 2015

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