Gear6.in raises $500k seed round in just 3 months after launch

Gear6.in, a Bengaluru-based online bike service and repair platform, raised a $500k seed round from Ninestarter Services.

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bike funding
bike funding

Gear6.in, a Bengaluru-based online bike service and repair platform, raised a $500k seed round from Ninestarter Services.

Funding

The startup was operational for 3 months before raising $500k in seed round. It will be spent in marketing, onboarding more service centres, and expanding their customer base.

Core team

Gear6.in was founded in November 2015 by four BITS-Pilani alumni — Rakesh Vaddadi (CEO), Harrsha Chaittanya (CMO), Kumud Kumar (CTO), and Srikanth Nelakuditi (COO). They began operations in January 2016 and are a 30-member strong team now. The startup claims to have had an average of 500 transactions a month till now.

Service

The startup wants to simplify end-to-end bike maintenance while helping customers save efforts as well as reduce expenditure on bike maintenance. They also aim to bring the entire sector online with Gear6.in so that customers make more informed decisions. gear6.in claims to be equipped to do a lot of things from regular servicing to bike breakdowns.

Operations

Currently operational in Bengaluru, gear6.in has tie-ups with more than 100 authorized and multi-branded service centers. Rakesh Vaddadi (CEO) states that the motorcycle maintenance landscape in India is largely fragmented and unorganized, with large disparity in rates, service quality, and customer experience across garages and service centers. Gear6.in is trying to address these problems.

Revenue model

Talking of their revenue model Rakesh mentioned that at this stage they are not charging any of the authorised centres. Their focus is to reduce the inefficiency in the system and not earn revenues. They charge end customers for transport and towing fees to sustain operations. Eventually, they plan to monetize once the market is more mature. Gear6.in also plans to expand to more cities and enter other verticals such as the four-wheeler and cycle servicing. In Rakesh’s words,

The long-term vision is to be a platform that caters to anything with wheels.

Business model

Users can request one of gear6.in’s technician’s to come to their doorstep and assess the situation in order to get their vehicles serviced or repaired. Users can currently place the request through their website and from an Android app (iOS app to be launched soon). They can pick their preferred time and date. Gear6.in gets a lot of traction on weekends and many orders from commercial areas during the week.

Users can be updated in real-time about the progress and users can pay cash or online. Gea6.in claims to have a rigorous onboarding process for all their technicians that includes police verification and a seven-day training process, which includes written and practical tests.

Sector overview

  • YourMechanic, a USA-based prominent player in this space raised $24 million Series B round
  • In India, Mericar.com, backed by Rajan Anandan, My First Cheque and Cartisan, raised an undisclosed amount in its seed round funding in July 2015 from YouWeCan ventures and Gurgaon based-Carpathy
  • Drivojoy, founded by ex-Ola and Microsoft employees, recently raised INR40 million from IAN and Bengaluru-based LetsService

Drivojoy focuses is on quick fixes that can performed on the spot while gear6.in offers a more elaborate fixes at service centers.

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