Bengaluru-based bike rental firm, Metro bikes has changed its brand name to 'Bounce' and has also secured $12.2 million or about Rs 83 crore of funding from Sequoia India and Accel Partners. Bounce now looks to further scale up its operations in Bengaluru and incest in a robust delivery model driven by new technology and also expand to other Indian cities by 2020.
The start-up 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 any location. Bounce was founded by Vivekananda HR, Varun Agni and Anil G and says that this idea has a tremendous potential in the shared mobility space keeping in mind that the last-mile connectivity in India is still a major challenge. We are looking at a market opportunity of USD 4.5 bn," Bounce Co-Founder Vivekananda HR said.
Metro Bikes has seen a series of funding from many investors including from Raghunandan G, founder, TaxiForSure. Bounce has also gone beyond scooters and have included bicycles, electric pedelecs and kick scooters in its offering across the capital of Karnataka. Currently, a Bounce uses averages a cost of Rs 6 per kilometre and most of the intra-city commute being less than 5 kms. The company sees a big opportunity for mass adoption.
The company's mobile app has seen about 2 lakh downloads on both Android and iOS platforms and this big investment will further help Bounce to increase its user base bring in more customers. The company offers both One Way and Two Ways rental service at as low as Rs 3/kilometers. The service will boost first mile and last mile connectivity to metro users. The company says that it aims at decongesting the roads by encouraging commuters to choose public transport by providing convenient options to rent bikes and reach their destinations from metro stations.