Ontrack, the Bangalore-based self-riding bike rental company in a funding round has bagged an undisclosed amount in the form of seed fund from Dubai-based Diverse Middle East FZE company. Number of other angel investors too has backed the company.
Company CEO and co-founder Harshit Sonthalia while in conversation with the VCCircle told that the company will use the funds to grow the tech-infrastructure and the team size as well. “Ontrack will use the funds to grow its business-to-consumer operations and to invest significantly into revamping its technology infrastructure, strengthening the workforce and expanding to more cities,” Hrashit told VCCircle.
Ontrack Technologies Pvt. Ltd was founded by Bangalore-based Christ University alumni Sonthalia and Vansh Jain in 2016. The company offers two-wheelers on rent on monthly basis. They started the company with just 3 bikes and now they have grown the network where they manages around 500 bikes.
Aim was to help the youngsters
According to Sonthalia their aim was to help the youngsters commute without the hassle. “Our aim was to provide an alternative for cabs and autos for everyday commute, especially for young folks. If we compare the cost per kilometer, we put someone on wheels at a cost of about Rs 5-6 per kilometer, which can be shared by another person. It really works for college students and working people who are already part of the sharing economy,” said co-founder Harshit.
The company has collaborated with food-delivery company Swiggy where it helps the delivery executives who do not own a bike. Apart from Swiggy, It has joined hands with several other bike-rental startups like Wicked Ride, Wheelstreet, RentonGo, Royal Brothers and Bykemania. Ontrack then offers their bikes for a longer-period of time.