Wheelstreet, a Bengaluru-based startup that operates a bike rental marketplace, has received around ₹77 lakh ($120,000) from US-based accelerator Y Combinator.
The startup was a part of the Y Combinator’s accelerator program in the Summer 2017 cohort. The funding will be used by the company to further develop its technology.
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.
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. 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.
Wheelstreet was founded in 2014 by Moksha Srivastava and Pranay Shrivastava. It is an online marketplace for vendors and customers looking to rent bikes.
The company works with independent vendors enabling them to offer personalised services including different pricing structures for the same bike. It offers multiple pick-up locations, and helps customers with real-time availability on the platform.
Prior to this funding round, the company had raised ₹3.2 crore ($500,000) in seed funding from Broadbean Capital services. It has operations in around 30 cities, including Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Srinagar, Guwahati, Leh and Jaisalmer. It claims to have around 3,400 monthly bookings and has over 160 vendors on its platform.