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How two engineers started WheelStreet, a startup to solve real life problem of bike renting through online platform?
About WheelStreet
WheelStreet is an online bazaar for motorcycle rentals. Starting its service in New Delhi in June 2014 has now expanded its service to Bangalore. The founder team namely Pranay Shrivastava, Moksha Shrivastava and Mritunjay Kumar later decided to shift headquarter to Bangalore.
Pranay, the co-founder during his college days had started renting his bikes to his friend so as to make some money. Pranay observed that bike rental space was highly disorganized and later he discussed the idea with his other co-founders.
Then the trio launched WheelStreet in June 2014 and currently processes more than 900 bookings on a monthly basis.
The company has various bikes on board including all the models of Royal Enfield. Other bike includes the brands like Bajaj, Hero, Honda and even the high-end bikes like Harley Davidson, Hyosung and Ninja.
Why we chose WheelStreet as Startup of the Week?
- WheelStreet is the only online aggregator platform that solely handles bike rentals.
- WheelStreet is also the first Bike rentals aggregator that has set out to organize this disorganized market.
- WheelStreet provides its vendors with a back end interface which gives the website real time availability of the vehicles.
- WheelStreet signs up with vendors who are already in the market and provides them an online platform and secure customers.
- Since its launch in June 2014, it currently processes more than 900 bookings on a monthly basis.
- At present, it has 1700+ bikes listed, including more than 50 super bikes like Harley Davidson, Ninja, and Hyosung etc.
- WheelStreet has solved the problems for both, the vendors as well as the customers.
- It has good online presence with more than 14,000 fans over Facebook.
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The Idea
It was an ultimate day in the early 2014, when three friends who hailed from Jhansi and did their schooling from the same city of Jhansi but had gone on different paths for higher education reunited. During long hours of gossip, they shared their personal life experience. While Moksha had a bad experience with renting a scooter in Delhi, Pranay shared his experience of renting his bike out for a little pocket money. Now both the side of coin was open for the trio and the trio looked a business opportunity in the segment and decided to cover this untapped market. Thus to solve this real life problem of customers as well as vendors, a startup was born and named as WheelStreet.
Since then, none among the three has ever looked back. Today, Pranay and Mritunjay who are engineers by education are holding the position of the CEO and COO respectively. Moksha who studied Mass Communication is currently the CMO of the Bengaluru based startup venture. Apart from the three co-founders, 15 members are there to give their 100 percent for the company.
Growth and Revenue Generation
The startup works through a web portal which is very easy to use with pre-defined rate chart and deposit amounts for different bike models. The range of models varies from a normal Activa at Rs 350 / day rent and a refundable deposit of Rs 5000 to the deluxe Harley Davidson at a rent of Rs 5950/ day and a refundable deposit of Rs 30000. The bikes are listed over the platform after verifying the owner. The service of the startup is open for the users in Delhi and Bangalore right now.
This bike rental startup till date has closed with more than 14000 rides till date, with an average of 1000 rides per month and a retention rate of over 50%. The company works with a fleet of more than 2000 bikes on board. WheelStreet is planning to expand to 15 more cities till the end of this year.
WheelStreet had earlier raised $18K in pre seed round from undisclosed investor and now in the last month, it has raised a funding of $500K from early-stage seed and pre-Series-A venture fund Broadbean Capital Services.
Operating only in Delhi and Bangalore currently, the company generates revenue of Rs 60 lakh per month without spending a single penny on traditional marketing. It uses only social media platforms to increase its reach and capture target audience.
This year, WheelStreet sponsored the Amity Youth Fest conducted at the Amity University in Noida.
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