Motocruizer Technologies India Pvt. Ltd. is a Mumbai – based corporation that runs the bike rental startup, ONN Bikes. The startup announced yesterday (20/11/2017) that it has raised US $692,000 (Rs. 4.5 crores) in Pre Series round of funding from its existing investor, Z Nation Lab. Other VC firms like JITO Angel Network and the Mumbai – based Venture Catalysts also participated in that round of funding. The startup will use the funds for upgrading its mobile app platform, increase its fleet size and expand its presence both in India and abroad. Read more on Investments
“The advent of the sharing economy in India and the rise of bike rentals in China are positive signs for this segment in India. This is the right time for the bike rental market”, said Piyush Mehta, leading investor from JITO angels.
ONN Bikes was founded in 2015 by Shanky Munoth and Namit Jain and the startup started its operations by May 2016. Customers are able to rent bikes and scooters for a few days, a few weeks or even a few months using the startup’s website or mobile app. The startup currently operates in Delhi, Mumbai, Bengaluru, Kolkata, Mysuru, Lucknow, Raipur and Surat. Driven, Tazzo Bikes and Wheelsonair are among the other bike rental startups in India that got funded this year (2017). Read more on Startup News