Bike rental aggregator Wheelstreet raises Rs 3.4 crore from Broadbean Capital

NEW DELHI: Online bike rental aggregator Wheelstreet today said it has raised USD 0.5 million (around Rs 3.4 crore) from Broadbean Capital services Pvt Ltd, an early-stage seed and pre-series A venture fund.

Wheelstreet enables users to rent a two-wheeler of his or her choice, for a pre-determined date and time.

"Two-wheeler rental aggregation is an untapped market. Wheelstreet plans to use the funding amount to expand the technological capabilities of the firm and also to expand to the intended markets as soon as possible," Wheelstreet Co-founder & CEO Pranay Shrivastava said.

Shrivastava further said Wheelstreet is planning to expand to Pune and Hyderabad in the near future.

"India is largely a two-wheeler nation and will continue to be. The economics and convenience of a two-wheeler is still unbeatable and Bashar Technologies (wheelstreet.in) is undeniably the first mover in this virgin space with immense potential," Broadbean capital services Managing Director Kapil Bhandari said.

Wheelstreet is operated by Bashar Technologies and was launched in November, 2014. It is currently operational in Delhi/NCR and Bengaluru.