Bounce (fka Metro Bikes), a Bengaluru, India-based on-demand motorbike startup, raised $12.2M in Series A funding.
Backers included Sequoia India and Accel, with participation from Raghunandan G, among others. In conjunction with the funding, Shailesh Lakhani, Managing Director, Sequoia Capital India Advisors, and Anand Daniel, Partner, Accel, will join Bounce’s board.
Founded in 2014 and led by CEO Vivekananda Hallekere, CTO Varun Agni, and COO Anil Giri Raju, Bounce provides an on-demand service for renting bicycles, electric bicycles and kick scooters. Commuters can pick up a scooter at their nearest location and later leave it at a given endzone with the cost based on distance and time spent.
The company, which is currently present in Bangalore and Hyderabad, intends to use the funds to expand in the existing markets and nationwide by 2020, and grow its offering with a pooling service for owners to add their scooters to the fleet and earn money when they are used.