Royal Brothers raises USD1 Mn to expand existing business

Bike rental company from South India, Royal Brothers on Monday announced raising an investment worth USD 1 million (Pre-series A).

This investment, which comes from Pradeep Deviah, Chairman and CEO PDA trade fairs and his associates; Angel Investor Amrith Prasad, includes primary and secondary share purchase.

This investment will be used to strengthen the company’s inventory across all the existing cities to increase its market share. Plus, 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.

Royal Brothers will also introduce riding gear rentals across the cities they currently operate in, and start long-term leasing. One of the key things they will be working on is to introduce Electric bikes as well.

“This round of investment will allow us to expand our footprint with an increased presence across India. In addition, it will facilitate us in growing our inventory and teams across new and existing markets,” said CEO and Director of Royal Brothers, Abhishek Chandrasekhar.

“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,” said Chairman and CEO PDA trade fairs and associates, Pradeep Deviah. (ANI)