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WheelStreet, a Delhi-based online aggregator platform in the two-wheeler rental space, owned and operated by Bashar Technologies, has raised a funding of $500,000 from early-stage seed and pre-Series-A venture fund Broadbean Capital Services.
WheelStreet plans to use the funding amount to expand its technological capabilities besides expanding its footprint to Pune and Hyderabad in the near future.
"Two-wheeler rental aggregation is an untapped market. Motorcycle rental marketed is a largely unorganised space, which presents great value not just for commuters, but also for people looking at recreational use of motorcycles. Our initial experience in the Delhi market has been very encouraging with over 14,000 rides already done," Pranay Shrivastava, co-founder and chief executive officer of WheelStreet, said in a statement on Monday.
Started in November 2014 by Pranay Shrivastava, Moksha Srivastava and Mritunjay Kumar, WheelStreet is currently operational in Delhi/NCR and Bengaluru. It plans to expand to 15 cities in the next one year.
Till now, WheelStreet has had 15 vendors in Delhi and four vendors in Bengaluru. It currently operates with over 2,000 bikes comprising Royal Enfields, Harley Davidsons and Kawasakis. The company has so far 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.
“India is largely a two-wheeler nation and will continue to be so. 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. The diversity of this service and the scalability of the model is what convinced us to invest in the venture," said Kapil Bhandari, managing director, Broadbean Capital.
