Accel, Sequoia may book a ride on Metrobikes

BENGALURU: Two of the country’s largest venture capital firms — Accel India and Sequoia Capital India — are in advanced talks to lead a $10-million series-A round in peer-to-peer motor vehicle rental startup Metrobikes, according to three people familiar with the development.
The Bengaluru-headquartered startup allows you to pick up a vehicle from their pool closest to your location and drop it at your end-trip location on an hourly rental basis.
“They have got a term-sheet from Accel and Sequoia. This is one of the largest series-A deals in the works,” said one of the persons cited earlier. Users can opt for low-price range rentals, including a Honda Activa or a Piaggio Vespa, to high-price range options like a Royal Enfield Classic bike.
Email queries sent to Metrobikes, Accel India and Sequoia Capital India remained unanswered till press time.
Experts tracking the space feel that with the ubiquity of motorbikes and scooters, this could be the next big thing in the ride-sharing space after auto-rickshaws. Metrobikes’ rentals for motorcycles begin at Rs15 per hour.