12,352.35-3.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

Omidyar Network, Sunil Munjal in talks to invest in Metrobikes

Metrobikes first raised Rs 5 crore in a seed round in 2015. Metrobikes, originally called ‘Wicked Rides,’ launched as a premium motorcycle rental company in May 2014.

Jun 06, 2018, 08.33 AM IST
0Comments
While it is not clear how much Metrobikes is aiming to raise, it will be part of the ongoing round of fundraising as it competes with Ola-backed Vogo in the space.
While it is not clear how much Metrobikes is aiming to raise, it will be part of the ongoing round of fundraising as it competes with Ola-backed Vogo in the space.
BENGALURU | MUMBAI: In what signals a growing interest in the bike-sharing startup ecosystem, impact investment firm Omidyar Network and Hero Group’s Sunil Munjal are in advanced talks to join the funding round of peer-to-peer motor vehicle rental startup Metrobikes, two people familiar with the development told ET.

While it is not clear how much Metrobikes is aiming to raise, it will be part of the ongoing round of fundraising as it competes with Ola-backed Vogo in the space. ET reported in February that Metrobikes is close to raising $10 million from top venture capital firms Sequoia Capital India and Accel.

ET however could not ascertain if the ongoing investment by Sunil Munjal will be made by the Hero Group or the Munjal family office.

“The company is focused on expansion plans across India and further product development; both in terms of luxury and more affordable bike offerings. They are already offering Harley Davidson bike rentals at an affordable price,” said one of the persons quoted above.

Omidyar Network declined to offer any comment for the story.

Metrobikes and Sunil Munjal’s office did not respond to email queries sent by ET till press time.

Metrobikes first raised Rs 5 crore in a seed round in 2015. Metrobikes, originally called ‘Wicked Rides,’ launched as a premium motorcycle rental company in May 2014.

Also Read

TGBL appoints Sunil D'Souza as MD & CEO

This is the most difficult time for telecom industry: Sunil Mittal

Sunil Chhetri inks 3-year deal with PUMA

Next multibaggers will come from infra space: Sunil Subramaniam

Sunil Gavaskar questions Dhoni's long break from game

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service