Transportation professionals and traffic engineers are trying to promote various sustainable travel options to alleviate the adverse impacts associated with the use of private vehicles and traffic congestion. A widely accepted strategy involves endorsing the public transit system. Additionally, the recently introduced vehicle share system presents another effective approach to achieving these goals without compromising people's convenience, similar to the public transit system. Bike taxis or bike share system is a practical, affordable, and accessible transit choice most suitable for congested urban areas. The present study aims to determine the vital factors that possibly impact a passenger’s inclination to use a bike taxi service. The questionnaire to ascertain the same included different concerns user has regarding bike taxi, and the importance given to various attributes. It also gathered the socioeconomic status and existing travel preferences of the user. Factor analysis was compiled on users’ responses and a structural equation model (SEM) was established to list factors preferring people to use bike taxis. It is found that factors like app features, booking facilities, connection facilities, convenience, fare, information about rider, in-vehicle travel time, onboard information, physical fitness/health of the user, the behavior of rider, safety and security measures established, service time, travel distance, travel speed, waiting time and weather condition influences people to choose bike taxi as a mode for travel. Latent variables like general concerns, travel, attitude, health, feature, safety, and cleanliness were used to develop the SEM. In addition, this study also offers a suitable forecasting model of key variables to policymakers and transportation planners.