Online bike rental aggregator WheelStreet secured USD 0.5 million (around Rs 3.4 crore) from Broadbean Capital at an early-stage seed and pre-series A venture fund.
On this funding, Wheelstreet Co-founder & CEO Pranay Shrivastava said
“Two-wheeler rental aggregation is an untapped market. Wheelstreet plans to use the funding amount to expand the technological capabilities of the firm and also to expand to the intended markets as soon as possible.
Founded in 2014, The Bangalore based startup enables users to rent a two-wheeler of his or her choice, for a pre-determined date and time. Users can choose amidst a lot of two-wheelers including scooters, commuter bikes, sports bikes, super bikes and premium bikes.
Wheelstreet is the only bike rental company based on an aggregator model. Wheelstreet makes the process of renting bikes completely hassle-free for its customers by offering variable rent durations, home delivery and pick-up, helmets at no added charge, and unlimited kilometres.
Broadbean capital services Managing Director Kapil Bhandari also added on this occassion,
“India is largely a two-wheeler nation and will continue to be. The economics and convenience of a two-wheeler is still unbeatable and Bashar Technologies (wheelstreet.in) is undeniably the first mover in this virgin space with immense potential,”
Wheelstreet is one of the Pioneer players in Two-wheeler rental aggregation. However, there are other players who have started coming in. Wheelstreet competes with WickedRide and Stoneheadbikes in the similar market.
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