Mumbai (Maharashtra) [India], Nov 20 : ONN Bikes, a Mumbai-based self-drive bike rental platform, raised pre-series funding worth Rs 4.5 crore in an investment round led by Venture Catalysts, and existing investor Z Nation Lab and JITO Angels.
Launched in November 2016, ONN Bikes aims to redefine daily commute in India by way of rented two-wheelers and expand its operations to cover major Indian cities through B2B bike leasing as well as short-term rentals.
"The vast expertise of the investors and combined networking capabilities will help us immensely in achieving our expansion goals by covering more cities and finding strong franchise partners. We are confident that, with such experienced investors and mentors on our side, we will solve major transportation challenges for the Indian market and establish ONN Bikes as the leading player in the self-drive bike rental domain," said Namit Jain, Founder and CEO, ONN Bikes.
The incoming funds will be utilised by ONN Bikes to build a stronger technology base, increase the fleet size, expand to more cities, and promote its franchisee model.
The company currently operates in five major states of India, and has earlier raised two seed rounds from Z Nation Lab and Grace Capital Ventures. The start-up also plans to expand its range to electric vehicles in the coming months.