Company Name : WheelStreet
Funding Amount : $0.5 Million
Investor(s) Broadbean Capital
Funding Round : Seed round
Wheelstreet, the online bike rental aggregator has secured funding of $0.5 Million from Broadbean Capital, an early-stage seed and pre-series A venture fund, the company announced.
Announcing the investment, Kapil Bhandari, Managing Director, Broadbean Capital, said, “India is largely a two wheeler nation and will continue to be. The economics and convenience of a two wheeler is still unbeatable and Wheelstreet 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.”
The funding has come in a few weeks after Wheelstreet started operations in their second city in Bangalore, after Delhi. It is now planning to expand to Pune and Hyderabad.
The company plans to use the funding amount to expand its technological capabilities and also to expand to the intended markets.
Founded in November 2014, Wheelstreet was started by Shrivastava, Moksha Srivastava and Mritunjay Kumar. It operates with over 2000 bikes comprising of Royal Enfields, Harley Davidsons and Kawasakis.
According to the company, it generates a revenue of over Rs.60 lakhs per month. The average deal size goes up to Rs. 8000 per transaction, it claims. Wheelstreet also caters to corporate customers and rent bikes to sectors like hyperlocal delivery, home services and other sectors on monthly rental basis.
Broadbean Capital is an early-stage investment company led by Ritesh Shah and Kapil Bhandari.