Bounce, previously known as Metro Bikes, has raised $12.2M in Series A funding led by Sequoia India and Accel Partner. The round also saw participation from Raghunandan G, among others.
As a part of the funding, Shailesh Lakhani, Managing Director, Sequoia Capital India Advisors, and Anand Daniel, Partner, Accel, will join the company’s board.
Commenting on the investment, Lakhani said, “While it makes sense in other markets, a service like Bounce has immense potential in India, where limitations of space and cost have always made two-wheelers more popular.”
Founded in 2014 by Vivekananda Hallekere, Varun Agni, Anil Giri Raju, Bounce offers a dockless scooter sharing service that allows its users to pick up the scooter from anywhere, ride to its destination and drop it off at a given endzone with the cost based on distance and time spent.
Bounce currently operates a fleet of about 100 two-wheelers in Bangalore and Hyderabad, which it plans to grow to more than 2000. The team claims to have seen over 200,000 downloads on its Android and iOS platform while its rental services are priced at INR 3 – INR 6.5 per km.
The startup has also tied up with the Bengaluru Metro Rail Corporation Ltd (BMRCL) and Hyderabad Metro Rail Ltd, provides bike rentals at metro stations across the city.
Bounce’s co-founder, Vivekananda HR, said that there is “tremendous potential” in the shared mobility segment for intra-city travel and the market opportunity stands at $4.5 billion. He added, “Now, with the support of Sequoia India and Accel Partners, we can bring these innovations and solutions to people on a much larger scale.”
With the current funds, Bounce intends to expand in the existing markets and nationwide by 2020, and grow its offering with a pooling service for owners to add their scooters to the fleet and earn money when they are used.
Bounce also plans to eventually convert its entire fleet into electric vehicles and is in talks with partners in China and Taiwan to source such products.