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An Indian startup Bounce, a bike-sharing platform has raised $3 million in debt funding by InnoVen Capital. Prior to this funding round, the company has raised $4 million in debt funding that was led by Sachin Bansal, last month.
With the latest debt funding round, InnoVen has invested a total of $6 million in the mobility platform.
Bengaluru-based scooter-rental and sharing startup, Bounce is founded in 2014 by Anil G, Varun Agni, and Vivekananda Hallekere.
Bounce is formerly known as Metro Bikes is an urban mobility solution that supports your daily commute in a most convenient, stress-free, and time-saving journey. It is a one-way rental service where users can pick up and drop the two-wheeler anywhere they need. The application serves mainly for the seamless first mile and last mile commute to metro users.
The company at present has over 5,000 keyless bikes in Bengaluru. Its motto is to decongest the roads by promoting commuters to use public transport and with a convenient option to rent bikes and reach destinations via metro stations.
Bounce plans to expand its services to cities like Chennai and Hyderabad with the recent debt fundings.
Ankit Agarwal, Director, InnoVen Capital stated that
“We are very thrilled to see rapid progress made by Bounce in a such a short period post our first investment and are happy to further support the company in its mission to disrupt the micro mobility segment in India.”
The bike-rental platform claims to have on an average 24,000 rides a day, and in total of more than 1.9 million rides. Bounce has clocked close to 15 million km. The nominal fee ride to the users starts at Rs 6.5 km/hr.