Bike Rental Portal WickedRide secures angel funding for $787K from undisclosed angel investors. WickedRide is owned and operated by Wickedride Adventure Services P Ltd. The company offers luxury bike rentals in Bengaluru city. This may be variants of Harley Davidson, Royal Enfield, Ducati and many others.
WickedRide provides bikes rentals and plans to arrange biking expeditions, short bike vacations, biking merchandise and plans to build an organized forum where it connect all bikers. The company offers bikes for rent at a starting range from Rs. 750 per day and will reach Rs. 30,000 per day.
WickedRide sells several items useful for biking expeditions like solar bags, riding gloves, riding gear like the jackets apart from selling bike accessories like different types of exhaust for the bikes.
WickedRide claims to be first luxury bike rental company in India, ventured into renting premium bikes to any person who has a valid driving license. The company also conducts free biking lessons for women and active pursues biking culture.
The company was formed on the ideation of three friends who did not find options to rent motorcycles in Bengaluru. So they set up a company and started renting bikes. At the same time, the promoters realised that every biker has dream to ride premium bikes. To encash this dream they have developed a strategy of bike rentals.
WickedRide was founded by Varun Agni, Vivekananda HR and Anil G in 2014. The company has operations in Rajasthan, Maharashtra and in next three months will start operations in Delhi and Gujarat.
WickedRide owns 32 motorcycles and they are getting orders on average of ticket size of INR 4,000 to INR 5,000 each day rental. The funding will be utilized for fleet expansion and WickedRide plans to add 200+ bikes to each location of its operations.
Online bike rentals are a new concept in India. There is no clear information in the relevant acts of law on bike hiring. However the concept is catching up in the rental segment, awareness has been created in various forums. WickedRide has to compete with startup companies like WheelStreet, Stoneheadbikes and Rentabike already operating in northern part of the country.
However bike rental segment still in its infancy and has to get investors attention. Definitely a number of PE investors may be interested for investment given the fact that India is one has most number of bikes manufactured and used for transportation.