Business

Two- Wheeler Rental Start Up Motor Bikes Raises $12.2 Million Funding

JAVED SAIFI | 0
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| August 9 , 2018 , 17:36 IST

India’s first mobility solution company, Motor bikes have raised $12.2 million in a series of funding led by Sequoia Capital India and Accel Partners, media reported on Thursday.

The company will use the investment to expand its business and develop technologies.

The investors got their interest intact in the start-up as the two-wheeler rental market in India is estimated to be around $4.5 billion. 

The company was founded as Wicked Rides in 2014 by young entrepreneurs Vivekananda, Varun Agni and Anil G and planning to expand its business all over the country by 2020.

Also Read: To Promote Start-Ups, Karnataka Signs Agreement With Business France India

Shailesh Lakhani, Managing Director of Sequoia Capital India Advisors in an interview with a financial daily said, “Motor Bikes has immense potential in India as the company offers cost-effective mobility solutions.”

The company provides two-wheeler bikes on rent with a mission to make daily commute stress-free, time-saving, reliable and convenient.

At current, the company has numerous two-wheeler motor bikes on its fleet. The company offers brands like Honda, Bajaj, TVS, Suzuki, Aprilia and Yamaha.

The company is looking forward to adding more scooters to their Bengaluru portfolio and have already started operations with 500 scooters in Hyderabad.

To avail the service an individual can pick up scooters from locations closest to them and drop them at end-trip spots.

The company charges on the basis of hour and distance.

The company is currently offering services in Bangalore, Mysore, Jaipur, Udaipur, Belagavi, Manipal, Jaisalmer, Gokarna, Hyderabad, Dandeli and Shravanabelegola.

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