According to a report published in Business Standard, the company is still working to finalize all paperwork regarding the latest funding, which will accelerate the expansion process of the company’s services across 10 major Indian cities by 2020.
The fresh funding will be utilized to support to continue its collaboration with state and central government for the welfare of people by providing innovative ideas to reduce traffic on roads.
In the second quarter of Financial Year 2020, Bounce reported over 2 million rides and has decided to launch over 50k vehicles to its fleet this year.
India leads the world in a segment of bike and scooter rental business. According to a study report published by German EV manufacturer Unu, the market capture of bike rental applications in India has now touched 15 thousand vehicles, which is greater than other developed nations and other western countries.
In the bike and scooter rental business segment, Bounce is facing immense competition from Yulu, Vogo, Tazzo Bikes, and ONN Bikes, among several others. Earlier this week, Yulu raised US$8Mn from Bajaj Auto Limited (BAL). Yulu is planning to amplify its fleet of micro-mobility electric two-wheelers and provides services to new cities across the nation.
Bike rental startup Bounce receives U$105 million in series D funding round