BENGALURU:
Wheelstreet
, a Bengaluru-based motorbike rental marketplace with operations in around 30 cities, has raised $120,000 from American seed accelerator
Y Combinator
.
The startup, which was a part of the Y Combinator Summer 2017 cohort, will use the funds to develop its
technology
, said Moksha Srivastava, co-founder of Wheelstreet.
“The best part of YC (Y Combinator) is that we get to work with the best in the industry,“ she said. “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.“Wheelstreet had previously raised $500,000 from Broadbean Capital services, an early stage seed and a pre-Series A venture fund.
Launched in 2014 by Moksha and Pranay Shrivastava, Wheelstreet is a marketplace for vendors and customers looking to rent bikes. It works with independent vendors enabling them to offer personalised services including different pricing structures for the same bike, multiple pick-up lo cations, and helps customers with real-time availability on the platform.
It 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.
“India is a hotbed of creativity and talent, and we have seen a growing number of promising startups from the region,“ said Jared Friedman, partner at Y Combinator.
“Wheelstreet is one such example and we believe they can organise the fragmented bike rental space in Asia. The strong Wheelstreet team has succeeded in building a robust operation within a short span of time,“ he said. Y Combinator provides seed money, advice, and connections at two three-month programmes per year.
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