Hyderabad-based Tazzo Technologies, a tech-enabled motorbike rental platform, has raised about $225K (INR 1.5 Cr) Seed funding from DSG Consumer Partners.
The startup will use the funds to enhance technology, build a fleet, and expand into multiple cities.
Founded in 2015 by Priyam Saraswat, Shivangi Srivastava, Priyank Suthar, and Vikrant Gosain, Tazzo is an on-demand hyperlocal delivery service of self-driven motorbikes. It provides location-based motorbike delivery and pickup service. Using the mobile app, a customer can track the availability of motorbikes at the nearest bike station and request for a free delivery and pickup at the end of the rental.
Talking about the product Shivangi Srivastava, CTO, Tazzo said,“Currently our model is focussing on point to point commutes where a customer can have a bike delivered and picked up from his or her chosen point with an ETA of 25-30 minutes. Prices start at INR 5/km which includes fuel and insurance and with no additional delivery and pickup charges. Using GPS technology the entire fleet is tracked real-time with overspeeding and theft alarms for safety and remote locking for convenience. The cost of each hire is dynamic and in real time with the app measuring the distance and time of the trip.”
The target audience comprises young professionals, students, and people who might have moved to a new city temporarily, primarily within the age group of 18-35.
Tazzo is using Hyderabad as its pilot market before expanding to other cities in 2017. According to a company statement, Tazzo commenced commercial operations with 29 bikes and has rapidly scaled to 250+ bikes in 25 locations in September 2016. Its revenue has grown from about $3,900 (INR 2.6 Lakhs) in June to $27K (INR 17.9 Lakhs) in September. The company is expected to touch 500 trips a day by the end of this year.
Earlier this year Kapil Chopra, Head of Oberoi Hotels, had led an angel round into Tazzo.
Earlier in March 2016, Bengaluru-based bike rental startup Wheelstreet raised $500K (around INR 3.4 Cr.) in a funding round from Broadbean Capital services, an early-stage seed, and Pre-Series A venture fund. Other startups in this segment include WickedRide, Stoneheadbikes, and Rentabike.
