Bengaluru-based motorbike rental marketplace, Wheelstreet has raised $120K from American seed accelerator Y Combinator. Notably, the startup was a part of the Y Combinator Summer 2017 cohort.
On the investment, Jared Friedman, partner at Y Combinator, said:
India is a hotbed of creativity and talent, and we have seen a growing number of promising startups from the region.
Launched in 2014 by Moksha and Pranay Shrivastava, Wheelstreet provides a service much like ZoomCar, but with bikes and two wheelers. It is based on an aggregator model which connects the user with the various vendors.
On the development, Moksha Srivastava, co-founder of Wheelstreet, said:
The best part of YC (Y Combinator) is that we get to work with the best in the industry. You can meet and interact with so many people. You get to understand what loopholes might come up. Those hacks have helped us boost our business.
The company aims to make bike renting a hassle free business. At present, the company established in 30+ cities and they are in an expansion mode. The company claims that it holds 40% of the market share and is biggest player in bike renting space in India with a vision of becoming the pioneer of the market.
The startup currently has operations in cities like Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Srinagar, Guwahati, Leh and Jaisalmer. According to the company, it does close to 3,400 monthly bookings and has over 160 vendors on its platform.
Earlier in March 2016, Wheelstreet had raised $500,000 from Broadbean Capital services, an early stage seed, and a pre-Series A venture fund.
The company says that they will use the funds raised to develop its technology.
Another Motorbike Rental Startup Tazzo, which is probably the only competition to Wheelstreet in India, had raised $230K From DSG Consumer Partner, in October 2016. Headquartered in Hyderabad, Tazzo is an on-demand delivery platform that offers motorbikes on rent for self driving