Bounce, a bike and scooter rental platform has raised over $7 million in what appears to be a Series B round for the Bengaluru-based company. The fresh round was participated by Chiratae Ventures, Accel India, Sequoia India and On Mauritius.
The fresh capital infusion comes after Sequoia and Accel led $12.2 million Series A funding round in August last year. Around the same time, it also rebranded itself from Metro Bike to Bounce.
According to RoC filing with MCA, the company raised the funds on December 27, 2018.
Last month, a TechCircle report claimed that Bounce is raising close to $10 million from the aforementioned investors and separately is in talks to raise a bigger round of about $50 million.
The development comes amidst Bounce recent announcement to foray into the bicycle sharing segment. The company had acquired assets of now Alibaba-backed dockless bicycle sharing platform Ofo that had shut down its operations in July 2018 in India.
With operations in over 10 cities including Bengaluru, Jaipur, Hyderabad, Bounce solves last-mile connectivity problem with a fleet of more than 1,000 bikes. It allows users to pick up scooters from locations closest to them and drop them at end-trip spots, priced by the hour and distance.
Bounce aims to add 30,000 scooters by the end of current calendar year. Its fleet consists of Dios, Activas and Wegos to Pulsars. Besides, the company’s parent entity Wicked Ride continues to offer luxury bikes like Harley-Davidson, Triumph, Ducati among others.
Apart from funding, the dockless bike/scooter sharing platform also filed its financial report for the year ending on March 31, 2018.
The company’s revenue grew by 24.4 per cent to Rs 5.44 crore in FY18. During the same period, its losses also increased by 2.2X to Rs 7.02 crore while the expenses saw a hike of 62.5 per cent to Rs 12.47 crore.
A major part of the revenue i.e. Rs 4.87 crore came from the rental. The figure for the same in FY17 was recorded at Rs 4.02 crore. On the other hand, services contributed only Rs 17.94 lakh.
In bike/scooter rental segment, Bounce competes with Vogo, Tazzo Bikes, RentOnGo, ZipHop, ONN Bikes, among several others.