Ecomove Solutions(EMS) provides rental station network that allows you to hire and return a bicycle.

They are providing high-end bicycle rental services to all the members at various locations in Mumbai. To start with they have covered 40 locations in and around Mumbai.
The EMS system is based on the availability of rental bicycles at key locations. These bicycles will be secured to their bike stands. They also establish depots at various locations. An EMS registered user can take the bicycle for his use from any of the rental station and can leave the bicycle in the same or any other rental station.

The cost one pays would be less than Rs. 10 or 15 a day for multiple uses. Travelling by bicycle helps in dodging traffic, saves time and money and makes you healthier, and you also contribute towards reducing air pollution.
They have a dedicated maintainance team who check the bikes on a regular basis for signs of damage or general wear and tear. They checks the Brakes, Dynamo/lights, Wheels of all bikes time to time so that they provide the bikes in a good condition to their registered member