WheelStreet, bangaluru(India) based bike renting company raise $120000 from American seed accelerator YCombinator.
WheelStreet website claims —
We are India’s largest bike rental company, aiming to make bike renting a hassle free business. We are well established in 30+ cities and we are on an expansion mode. Wheelstreet holds 40% of the market share and is biggest player in bike renting space in India with a vision of becoming the pioneer of the market.
The startup, was 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.
WheelStreet, was launched by Moksha and Pranay Shrivastava, It provides platform for vendors and customers for renting bike at per hour renting basis. It has operations in 30 cities including Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Srinagar and Guwahati.
“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,“ Jared Friedman, partner at Y Combinator said. Y Combinator provides seed money, advice, and connections at two three-month programmes per year
Read the recent acquisition of Runnr by Zomato