BENGALURU: With around 5,000 keyless bikes currently plying in Bengaluru, the city-based mobility start-up recently raised USD 3 million in debt funding from InnoVen Capital, a venture debt provider in India. The company plans to expand the fleet in Bengaluru with this funding.
“Currently, the fleet completes close to 24,000 rides a day and since its inception in September 2018, it has clocked close to 15 million km. The company aims to increase the number of its vehicles to reach a critical target and make a meaningful impact on how the city commutes,” said Vivekananda H R, CEO and co-founder, Bounce.
Founded by Vivekanand H R, Varun Agni and Anil G, the technology enables users to pick up and drop the electric bikes, bicycles and fuel-based bikes from anywhere and at any time, at a fee of `6.5 per km. They cater to the first and last mile commute of passengers.
“Close to 40 per cent of Bounce rides in Bengaluru either originate or culminate at Metro stations. We aim to democratise daily commute, thereby making it stress-free, time-saving, reliable and convenient, while also creating a direct impact on urban mobility and usage of public transport,” Vivekananda added.
This is the second round of funding from the InnoVen, taking their total debt investment to USD 6 million. The company is looking at expansion plans in Hyderabad as well as Chennai.Earlier this month, they launched 150 to 200 cycles in the Indian Institute of Science campus, with 30 zones for pick-up and drop. In February, they tied up with ELCITA (Electronics City Industrial Township Authority) to launch scooters and cycles in the area. To make the system organised, 11 docking zones were also launched in the IT corridor of the city.