Have you ever gone through the hassle of bike servicing? From scouting for the nearest authorised service centre to finally getting it serviced, a lot of time and composure is lost in the bargain.
When Sachin Shenoy was working on his first startup the idea of LetsService sprang up from his personal experience. As the story goes, while he was busy in building his first startup he extensively used his bike for commuting. However, he paid little heed on the servicing part. One day, the bike broke down and he had to shell out around Rs 10,000 for servicing. This experience didn’t just give him a lifetime experience – how to treat your bike – but a startup idea as well.
In September this year, Sachin with the Co-Founders SachinSrikanth, GirishGangadhar, and Manoj Perakam launched LetsService, an on-demand two-wheeler service platform in Bengaluru. The platform claims to provide the easiest and hassle-free experience for busy working motorcyclists.
The process is simple. One needs go to the website and schedule a pickup. Post schedule, its bike runner will visit your home/office, inspect the bike, and document problems; he will then take it to a partnered authorised service centre and once serviced he will drop it back to your home/office. Bikers end up saving a lot of time and peace of mind is intact. The biker can track his bike through the day with intuitive alerts and notifications.
“LetsService believes in providing convenience to the customer. It helps busy working professionals get their two wheelers serviced sitting at home or office. LetsService also helps customers understand their bike better by explaining the problems in detail and in non-automobile language which is simple to understand.We also help bikers become more compliant by helping them renew their insurance and emission test certificates,” says Sachin, CEO and Co-Founder, LetsService.
Talking on the fast growth observed, he says that within 40 days of operation, the platform is witnessing an exceptional growth. There are over 60 authorised service centre registered with the platform. They are currently managing over 20 bikes a day and expecting it to go up to 80 plus in the next two months.
“We charge a convenience fee of Rs 300 per customer for facilitating the service of their bikes and for other value added services. We plan to evolve various other revenue streams in the days to come,” says Sachin
The platform is bootstrapped. The initial investment made was about USD 20,000. The amount was spent on building technology, hiring the right team, and customer and dealer acquisition. They are currently looking to raise their seed round and are already in talks with leading investors for the same.
Market and competition
According to an estimate, there are about 60,000 units of bikes sold in Bengaluru alone every month and about 150,000 units of bikes are serviced at authorised service centres across the city every month.
Over the past one year, the motor vehicle service space is going through an exciting phase and has seen the debut of startups MotorExpert, MeriCAR, and Cartisan that are providing similar kind of services for automobiles. Besides, these companies have also been able to raise funds from investors.
MeriCAR.com has had two rounds of investments from My First Cheque and Rajan Anandan (personal investment). Now, they are looking to raise a larger funding round in the future.
During July, Bengaluru-based automotive service marketplace Cartisan raised an undisclosed amount in its seed round funding from YouWeCan ventures, Global Founders Capital, TaxiForSure’s Aprameya R and others.
On competition, Sachin says that the market is huge and being an innovator in this space, LetsService aims to make the most of the market in the coming days. “Building good service etiquettes among customers will be a huge challenge for players in this space and we have strategies in place to build the same,” he adds.