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.
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.
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.