Fri. Mar 29th, 2024
Onn Bikes

ONN Bikes, an online platform which provides on-demand self drive bike rentals, has raised an investment from Grace Capital Ventures. The financials of this deal were not disclosed. The raised investment will be utilized in building technology which minimizes the human need in day-today operations of the startup.

Launched in May 2016 by the duo of Namit Jain and Shanky Munoth, Onn Bikes provides its services to businesses and individuals. Currently operational in Bangalore, Hyderabad and NCR, the startup claims to have over 400 bikes already on roads and plans to add around 700 more in the coming months.

The startup plans to expand its services to cities like Jaipur, Pune, Chennai and 54 more cities in next few years.

Currently, the startup covers its B2B and B2C segments via 2 different verticals. It provides commercially licensed vehicles to businesses for short as well as long terms. The term of rental might range from 6 months to 3 years. The service comes handy for businesses which are dealing with logistics, customer support and deliveries. On the other hand, it provides rented motorbikes to individuals. The fleet for individuals include scooters as well as high end racing bikes.

Onn Bikes claims to provide door delivery and pickup, roadside accident assistance, security system, GPS tracking, insurance coverage, bike accessories etc. It had raised $100,000 in angel round earlier this year. According to the officials, the startup is also planning to include electric bikes in the fleet in next few months.

Some other notable startups working in the same domain include Wickedride, RentaBike, StoneHeadBikes and WheelStreet.

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

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