Bangalore-based totally luxurious motorcycle condo startup, WickedRide has closed its seed spherical of funding led via an angel investor. Keeping the call of the investor undisclosed, Vivekananda, cofounder of WickedRide advised us that the investor has invested over $787K (INR five Cr.) into WickedRide in his private potential.
With Harley Davidson Night Rod, Iron 883, Super Low 883, Street 750, Royal Enfield Thunder Bird 500, Continental GT, Desert Storm, Triumph-Bonneville, Kawasaki Ninja 650, Indian Scout and Ducati in its services, WickedRide has served over 2500 rides seeing that its inception in April, 2014.
It we could customers decide from the following alternatives
Do it Yourself – Rider himself plans the ride.
Customised Expedition– Company plans the journey and additionally provide them with a backup vehicle for the trip. Also, referred to as ‘Bikeation’.
Fixed Departure– Riders sign up their names for a particular excursion and hence, a group of bikers embark on a go for holiday at the identical departure time.
The startup also offers in other product categories like Selling/Renting of Biking gears like Jackets, Gloves, Luggage, Performance Parts, Cameras and also a provision to get clicked with a top class motorbike (photographer and notice is arranged by the employer).
Speaking approximately the marketplace size, Vivekananda said, “ We estimate the market size to be of all ages from 18 to 55. It is a huge market in relation to top rate motorcycle rentals. Though the range of family having motorcycle or moped is excessive, the share of penetration in top class motorbike is negligible and offers a big opportunity. We estimate it to be three,630 crores maintaining populace inside the age organization 23 to 39 and disposable profits of of at the least 4.5 lakhs in keeping with annum.”
Company based totally out of Bangalore having operations in Rajasthan and Maharashtra. Further it plans to extend to Delhi and Gujarat in subsequent three months.
Number of motorcycles – The startup presently owns 32 motorcycles and in process of adding about 2 hundred plus motorcycles in each location.
Average Ticket Size – INR 4,000 – five,000/day apartment
Team Size – 15
Ratio of Old v/s New Customers– 25% are recurring
Ratio of Customised Expeditions v/s Unplanned Rides: 30%
Gets 98% to 100% occupancy on weekends and approximately 50% plus occupancy on weekdays.
WickedRide changed into founded through Varun Agni, a Post Graduate in Telecommunications from Maryland, Vivekananda H.R, a Chartered Accountant and Anil G, a Cost & Works Accountant in April, 2014.
Related: Cruise Around On A Harley Or Triumph For A Day With Wicked Ride!
With the current fundraise, the organisation is working on similarly enlargement into cities along side constant efforts in the direction of a 4-5 hour condo version. It is likewise making plans the launch of their mobile app to ease the reserving of bikes.
Talking of the demanding situations confronted, Co-Founder WickedRide, Vivekananda says, “Since we have been the first to start a premium motorbike condo agency in India, we came across many challenges from ensuring the protection of bikes, validation of clients, instructing the primary time riders of those motorcycles, which we've solved today thru era, client understanding and developing with periods to teach the riders approximately Do’s and Don’ts as nicely.” Company also runs unfastened biking classes for girls on the weekends.
WickedRide competes with WheelStreet, Stoneheadbikes and Rentabike, it’s biggest competition being Stoneheadbikes from Delhi, which offers comparable services all across north vicinity of India.
With stand-out product classes like – customised excursion, condominium of biking gears and cameras; WickedRide has championed the much less travelled avenue of wonderful purchaser experience!