Wheelstreet looks to raise USD 3 mn in 2 yrs to fund expansion

Urban two-wheeler mobility solutions provider Wheelstreet is looking to raise around USD 3 million in the next two years to fund its expansion in India and overseas, according to a top company official.

The startup will raise USD 2 million soon as it aims to list over one lakh bikes on its platform by 2021, up from around 17,000 at present.

Wheelstreet serves as a marketplace where two-wheeler renting vendors list their vehicles -- from gearless scooters to Harley Davidsons -- and customers can book their rides through the platform.

Apart from India, the startup has set footprints in Iceland, Italy, Spain, Argentina, Mauritius, Sri Lanka, Singapore, Cambodia, Thailand, Vietnam, the Philippines, Indonesia and New Zealand.

"We plan to raise USD 3 million in the next two years, this will take us to 3.5 lakh bookings with USD 6 million in monthly booking value," WheelStreet Co-Founder and CEO Pranay Shrivastava told PTI.

The company has so far clocked over 50,000 bookings with an average monthly booking value of Rs 35 lakh, he claimed.

Elaborating on the company's expansion plans, he said,"our primary market will be India, but we will also direct our marketing towards Europe and southeast Asia."
Stating that Wheelstreet has raised USD 1.2 million in three rounds from Silicon Valley-based Y Combinator and India-based BroadBean Capital, he said:"We plan to raise USD 2 million soon to market our product to users."
On increasing the number of two-wheelers available on its platform, he said: "We aim to list over one lakh bikes on wheelstreet.com by 2021, we are currently adding 3,000 bikes every month to our marketplace."