However, the startup apparently didn't provide enough information on how customers can return the umbrellas when they're done.
Each lost umbrella reportedly costs the company 60 yuan, approximately 550 rupees, to replace.
Sharing E Umbrella's chief executive Zhao Shuping says his idea was inspired by other share schemes like bicycle hire and the idea that now anything can be shared. Stands were typically scattered across the cities near train and bus stations (some of which were outside.in the rain?) and users receive a code to unlock the umbrella after paying for it on an app.
"We were really impressed by the bike-sharing model", he said.
The company, Sharing E Umbrella, launched a scheme similar to public bike-sharing models in which people can rent and return umbrellas at their leisure. "Bikes can be parked anywhere, but with an umbrella you need railings or a fence to hang it on".
While the concept of the sharing economy has been gathering momentum in China, Zhao's is not the only business in the sector to be hit by a rain cloud or two.
Trump isolated as USA slowly detaches from G-20 positions
European countries would prefer a multilateral solution on steel, he said. No bilateral meeting between the two leaders have been scheduled so far.
The SCMP reports that Zhao concluded that the safest place for an umbrella would be at the customer's home, where it would be safe and undamaged.
E Umbrella's problem doesn't appear to be renting but seeing those umbrellas come back.
But he may have overestimated people's honesty - or even their ability to simply do not forget to give them back.
The same publication reports that Zhao plans to release another 30 million umbrellas across China by the end of the year.
Chongqing-based Wukong Bicycles, for example, was forced to close down in June after losing 90 percent of its bikes within five months of launching.
A COMPANY which handed out 300,000 brollies under a weird rental scheme has revealed they've almost all gone missing.
A Chinese company that recently introduced an "umbrella sharing" scheme has already lost "most" of its 300,000 brollies, local media has reported.
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