Sequoia, Accel pour in $9.1 Mn in online bike rental platform Wicked Ride

Wicked Ride
Image credit

Online two-wheeler rental service platform Wicked Ride has raised Rs 61.67 crore (around $9.1 million at current exchange rates) in a fresh funding round from Sequoia Capital and Accel Partners.

According to the company’s filing with the Ministry of Corporate Affairs (MCA), the latest round also saw participation from the likes of Raghunandan Gangappa – the co-founder of ride-hailing firm TaxiForSure, reports VCCircle.

Started in 2014, Wicked Ride (also known as Metro Bikes), serves in 10 locations, as mentioned on their website, which includes Bengaluru, Mysore, Jaipur, Manipal, Ahmedabad, Gokarna and New Zealand.

In February, the company reportedly was to close a $10mn funding round, right after raising $1.5mn from the Indian chairman, Chandrasekhar Gopalan, of the family investment office of Sutures.

Wicked Ride : A portfolio

Wicked Ride has a premium fleet of motorbikes where users can pick and choose from brands like Harley Davidson, Benelli, Royal Enfield and others

It claims to bring the best of motorcycling on one platform, making it easily accessible. Users can rent the bike on an hourly, weekly and monthly basis.

The company had collaborated with Uber on ‘Uber Moto’, which was called off due to violations of rules in May 2016.

Earlier this month, The Economic Times had reported that Omidyar Network and Hero Group’s Sunil Munjal were in advanced talks to separately invest in Metro Bikes.

Besides Wicked Ride (Metro Bikes), a host of startups such as Tazzo Bikes, RentOnGo, Wicked Ride, ZipHop, Rent Set Go and ONN Bikes are working in this space.

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here