Metro Bikes raises $12.2 million funding; rebrands as 'Bounce'
Bike rental startup Metro Bikes today said it has raised $12.2 million in a Series-A funding round led by Sequoia India and Accel Partners and has rebranded itself as Bounce. It will use the funds to further scale its network across Bengaluru, invest in a robust delivery model through innovations in technology, and develop a pan-India presence by 2020, the company said. Here's more.
Bounce Co-Founder Vivekananda HR said 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 and with the support of Sequoia India and Accel Partners, we can bring these innovations and solutions to people on a much larger scale," he added.
Shailesh Lakhani, Managing Director, Sequoia Capital India Advisors, and Anand Daniel, partner, Accel Partners, will join Bounce's board. Early investors of Bounce include Captain Prashant Priya, a serial entrepreneur, and LG Chandrasekar, Co-Founder, Sutures India. Lakhani said Bounce has the potential to be a category creator, being the first to offer a cost-effective, personalized, motorized-transport that fills a critical need gap in the market.