Sequoia, Accel lead $12m Series A for India's Metro Bikes

Sequoia and Accel were reported in June to have led a $9.1 million round for Bounce’s parent company Wickedride Adventure with participation by Raghunandan Gangappa, the co-founder of ride-hailing firm TaxiForSure. It is not clear whether this investment represents an extension of that round. The company also raised a $1.5 million funding round in February from the family office of Sutures India chairman Chandrasekhar Gopalan.

"There is tremendous potential for innovation in the shared mobility segment given the major gap in last mile connectivity in intra-city travel. We are looking at a market opportunity of $4.5 billion," Vivekananda HR, co-founder of Bounce, said, according to The Economic Times. "We've also gone beyond scooters, offering other forms of transport including bicycles, electric pedelecs and kickscooters across the city.”

Bounce claims to be India’s first “smart urban mobility solution” and aims to reduce commute times for customers by providing dockless bike sharing and rental services. The company is currently operational in 17 Indian cities and is expected to use the fresh capital to expand its footprint, as well as improve customer engagement through technology.

Recent initiatives include a “one way” rental service, which allows users to pick up and drop off a bike at any location. Bounce describes the service as seamless “first mile – last mile” connectivity. It also claims to have obtained exclusive rights for providing the service in Bangalore and Hyderabad.   

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• Topics
• South Asia
• Consumer
• Early-stage
• India
• Sequoia Capital
• Accel Partners
• Transportation