Wheelstreet.in, an online bike rental aggregator, has raised Rs 3.3 crore from early-stage venture capital firm Broadbean Capital Services.
Wheelstreet, which is operational in Delhi and Bengaluru, will use the money to improve its technology capabilities and expand its operations in over 15 cities, including Pune and Hyderabad.
“Wheelstreet is undeniably the first mover in this virgin space with immense potential,” said Kapil Bhandari, managing director at Broadbean Capital Services.
He said India is largely a two-wheeler nation and the economics and convenience of a two-wheeler is still unbeatable.
“Motorcycle rental market is largely an unorganized space,” said Pranay Shrivastava, the 22-year-old chief executive of Wheelstreet.
He said the firm provides value for commuters and for people looking at recreational use of motorcycles
The firm enables users to rent motorcycles of their choice, including high-end brands such as Harley-Davidson, Kawasaki and Royal Enfield.
An alumnus of Lakshmi Narain College of Technology in Bhopal, Mr.Shrivastava founded Wheelstreet along with his friends Moksha Srivastava and Mritunjay Kumar—also in their early twenties—in 2014.
Wheelstreet said it now operates with over 2,000 bikes. The firm said it has completed over 14,000 rides in Delhi and Bengaluru generating revenue of over Rs.60 lakh per month. The average deal size goes up to Rs.8,000 per transaction. It also caters to corporate customers and rents out bikes to hyper-local delivery firms.
