Bike rental company Royal Brothers which is owned by Royalbison Autorentals India Pvt. Ltd, said it has raised $1 Mn in pre-Series A funding round from angel investors.
Bengaluru, 18 Feb, 2019. Rednewswire/-
Royal Brothers was founded in 2015 by three young engineers of Bengaluru; T.N Manjunath, who used to teach Mechanical Engineering at R.V College of Engineering, Abhishek Chandrashekar, a freshly passed out Mechanical Engineer from the same Institution and Srikrishna, a software engineer by profession.
Pradeep Deviah, chairman and chief executive, PDA Trade Fairs, a division of Pradeep Deviah and Associates Pvt. Ltd; angel investor Amrith Prasad; and others also participated in the funding round.
The rasied funds will be used to strengthen the company’s inventory across all the existing cities to increase its market share. It will also enable the company to create more awareness, build the market for bike rentals, and even expand to five more states, including 10 new cities over the next six months.
The company offers a range of two-wheelers from scooters to superbikes which can be rented in 17 plus cities across six states of India. It currently has nearly 1,700 two-wheelers.
Abhishek Chandrasekhar, CEO and Director of Royal Brothers said, “This round of investment will allow us to expand our footprint with an increased presence across India. In addition, it will facilitate in growing our inventory and teams across new and existing markets.
Pradeep Deviah said, “The team at Royal Brothers have done a tremendous job of growing the company while being bootstrapped. Their dedication to developing the bike rental space in India gave me the confidence to make the investment in the company.
The company claims to be the first bike rental platform to be licensed to operate in Karnataka, Gujarat, Kerala and Andhra Pradesh.