Bike-sharing startup Bounce clocks 5mn rides

Bike-sharing startup Bounce clocks 5mn rides
Vivekananda Hallekere, co-founder and chief executive of scooter-sharing platform Bounce
31 Jul, 2019

Bengaluru-based bike-renting platform Bounce recently completed five million rides.

The platform also clocked 60,000 rides per day in Bengaluru, according to a statement from WickedRide Adventure Services, which owns and operates Bounce.

Bounce rides have covered 30 million kilometres in the last 10 months, making it one of the fastest growing shared mobility start-ups in the world, the statement added.

The app allows users to pick up keyless scooters and drop them at predetermined end-trip spots. It offers rides on its fleet of motorcycles and scooters at Rs 5 per kilometre, the statement added. 

Bounce has over 7,000 dockless scooters which, on average, cover a distance of up to 8 kilometres per ride, the statement said. 

WickedRide Adventure Services has forayed into the electric mobility segment with its subsidiary Zuink Smart Mobility Solutions. 

The EV vertical is in talks to raise $50 million (around Rs 350 crore at the current exchange rate), a source told TechCircle earlier this month. 

Bounce started out in 2014 as a luxury bike-renting platform WickedRide. Its holding company was founded by Vivekananda Hallekere, Varun Agni and Arun G. 

In an interview with TechCircle in May, Hallekere said Bounce has demonstrated the workability of the dockless platform by addressing the need for mobility. 

Last month, in a Series C round led by Eduardo Saverin’s venture capital firm B Capital and Falcon Edge Capital, the Bengaluru-based startup raised $72 million (around Rs 505 crore then). Chiratae Ventures, Maverick Ventures, Omidyar Network India and the Indian arm of Qualcomm Ventures also participated in the round. 

The cumulative funds raised by the startup amount to over $92 million, the company said in a statement. 

The company has been backed by investors like Sequoia Capital, Accel, InnoVen, Qualcomm and Flipkart co-founder Sachin Bansal. 

The startup has a presence in Bengaluru and Hyderabad and plans to expand to other cities, the statement said.