2 min read.Updated: 22 Oct 2019, 06:29 PM ISTSalman S.H.
CTO Varun Agni says the startup was able to achieve 100,000 ride count within just 13 months since the launch of its dock-less option in September 2018
Bounce last raised around $72 million in its series C funding round, thus valuing the startup at over $220 million
Bengaluru: App-based two-wheeler rental startup Bounce, which lets commuters to pick and drop scooters anywhere within city limits, has hit 1 lakh daily rides in Bengaluru in October, up from around 60,000 rides in July, according to a top company executive.
Bounce currently offers scooter rental in two formats, including an hourly rental option, as well as a dockless two-wheeler sharing option, which is largely aimed at daily commuters. The news was first shared by Bounce’s chief executive Vivekananda H.R. on Twitter last Sunday.
According to Bounce chief technology officer Varun Agni, the startup was able to achieve the 1 lakh ride count within just 13 months since the launch of its dock-less option in September 2018. Till date, Bounce users have completed over 70 million kilometres in Bengaluru alone, which is up from around 30 million kilometers as of July.
“The two-wheeler population in Bangalore is 6 million and growing. In Bangalore, we are also seeing an addition of at least 5-6 lakhs two-wheelers every year, and that’s something that we want to really go after. We want to get to a point where a commuter really doesn’t need to own a vehicle, rather he or she can think about how fast you can move from Point A to Point B," Agni said in an interview.
According to Agni and several other urban mobility experts, services like Bounce are increasingly emerging as an alternative public transport option, especially in cities choked with traffic and depraved public transport services.
Agni also added that in India only 18-20% of the Indian population have their own to private transportation option, and the rest—which make up over a billion people— don’t have access to private mobility options, which is a directly addressable market for Bounce.
Currently, Bounce has around 13,000 scooters in Bengaluru of which, approximately 10,000 are deployed on the dockless format. The startup is also planning to roll out another 2,000 electric vehicles in the city within a month’s time, according to Agni. It is also eyeing to expand into at least 10 metro cities next year.
Bounce last raised around $72 million in its series C funding round led by global technology fund B Capital Group and Falcon Edge Capital in June, valuing the startup at over $220 million. Bounce also has an electric vehicle arm named ‘Zuink Smart Mobility Solutions’, which is eyeing to raise another $30 million from new investors, according to an Economic Times report in July.
Bounce directly competes with other mobility services such as VOGO, which had raised $100 million from Ola in December 2018 for its docked two-wheeler rental service. Bengaluru-based Yulu, which offers electric cycles and bicycles for hire is also in advanced talks to raise a Series A round of ₹100 crore ($15 million) from Investors such as Shunwei Capital, Xiaomi, and ex-InMobi chief business officer Atul Satija, Mint reported in July.