The Indian Wire » Startups » Bounce raises ₹10 cr from Sachin Bansal’s BAC Acquisiton in debt funding
Startups

Bounce raises ₹10 cr from Sachin Bansal’s BAC Acquisiton in debt funding

BAC Acquisitions, a company owned by Flipkart’s co-founder Sachin Bansal has invested ₹10 crore in two-wheeler rental startup Bounce.

This is Bansal’s second investment in Bounce as debt funding. Earlier in March, he infused $3 million in the Bengaluru-based rental startup. Also, after this investment, Bounce’s total funding will be scored at $94 million.

While, according to the Ministry of Corporate Affairs filings, referred by Inc42, Bounce has issued 1 lakh non-convertible debentures to BAC Acquisitions. 

Bounce was founded by Vivekananda Hallekere, Anil Giriraju, and Varun Aghi in 2016, while its parent company Wicked Rides was founded in 2014. Bounce was launched to provide a smart mobility solution by giving its users the option of one-way rental, which lets the users rent the bike from anywhere, travel to their destination, and drop off the bikes at any location.

The bike-sharing startup is operational in Bengaluru, Mysore, Jaipur, Udaipur, Belagavi, Manipal, Jaisalmer, Gokarna, Hyderabad, and few other cities.

Apart from BAC Acquisitions, the company has raised funds from Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Sequoia Capital India, Qualcomm Ventures, and others.

The company claims to have deployed a fleet of over 5000 keyless scooters in Bengaluru.

Further more, recently, the company recorded over 2 million rides. Going forward, the company plans to introduce over 50,000 vehicles this year.

Adding on, a Statistics report said that India’s two-wheeler vehicles (scooters, motorcycles, and mopeds) saw 20 million sales in 2017-18, which make it the most popular vehicle category sold in India.

Conclusively, other players in the similar category includes Vogo, ONN Bikes, Tazzo Bikes, Wheelstreet, Mobycy, among others.

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