Motorbike rental startup ONN Bikes raises USD 692K in pre-Series A round
Founders: Namit Jain, Shanky Munoth
Founded in: 2015
Financing status: USD 692,000 for pre-Series A round in 2017
Mumbai-based motorbike rental platform ONN Bikes has raised approximately USD 692,000 in a pre-Series A round led by existing investor Z Nation Lab. JITO Angel Network and Mumbai-based funding and incubation platform Venture Catalysts also participated in the round.
Reportedly, the round also saw participation from angel investors including Jayesh Parekh, managing director of Sunidhi Securities and Finance Ltd.; Pankaj Harlalka of Narnolia Capital; Gaurav Gandhi; Nikunj Pachisia; and Vijay Lakhani.
ONN Bikes was founded in 2015 by Namit Jain and Shanky Munoth. Jain previously worked as a senior consultant at PwC, the world’s leading finance professional services firm, whereas Munoth previously worked as the lead of the iOS developer team at information services firm Bridgetree Research Services. He was also a senior software engineer at Infosys.
ONN Bikes is an app-based motorbike rental platform. It allows users to rent motorbikes on an hourly basis. ONN Bikes also offers daily, weekly, monthly, and quarterly subscriptions. Users can pick up the vehicle from the startup’s stations or get free vehicle delivery in selected areas. Users can choose the start and end time or date of their booking and are charged based on the rent duration of the vehicle. ONN Bikes also has a B2B segment for leasing out vehicles to motorbike taxi companies, delivery companies, and other rental aggregators. The startup claims to have a total of over 1,000 two-wheelers on the road across four Indian cities, such as Bangalore, Hyderabad, Gurgaon, and Udaipur.
The startup will use the newly raised investment to strengthen its technology, increase its fleet size, and pursue marketing expansion.
Other players in the two-wheeler rental sector in India include Vogo, RentOnGo, Wheelstreet, and others.
(Top photo from Pixabay)