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In a country like India, where traffic lights are more often a popping red than a sober green, and where there is more honking than the sound of the breeze, Bounce had come up with one of the coolest ideas of making your daily commute a little less hectic and convenient.
Bounce is one of the modern ventures that rents out scooters to anyone who
This might seem obvious, but what is so exciting about Bounce? Well, read on to know more about the company, how does it work, what is renting scooters and why should we consider it, and more.
Bounce - Company Highlights
- Startup Name-Bounce
- Headquarters-Bengaluru, India
- Sector-Ride Sharing, Mobility, Rental
- Founders-Anil G, Varun Agni, Vivekananda Hallekere
- Valuation-$520 Million (2020)
- Revenue-$13.36 million (Rs 100 crore) in FY20
- Total Funding-$214.2 million
- Parent Organization-WickedRide Adventure Services Pvt. Ltd.
Bounce - Latest News
December 3, 2021 - Bounce launches its first e-scooter, Bounce Infinity E1 with replaceable batteries available for lease.
October 7, 2021 - Bounce is all set to acquire 22 Motors in a cash and stock deal, which will likely range between $7-10 mn. With this Bounce looks forward to entering the electric scooter industry.
About Bounce and How It Works
All you need to start with the Bounce services is a mobile phone, because where else would you receive an OTP? An OTP would ensure the team at Bounce that you want to rent one of their scooters and hop on your way. Another interesting service that Bounce provides is the helmet. Carrying that heavy helmet all the way to your grocery store or office is simply a nightmare. Therefore, Bounce provides helmets for the safety of its customers.
If you wish to visit a nearby park, or to a movie at the theatre nearby, and worry too much whether you would get your luck in the parking slot or whether there is enough fuel in your car, Bounce it onto the BOUNCE Scooters around. Bounce does not charge extra for fuel, yes, you heard it right. The payment is upon the distance and time traveled. Fares range begin at ₹ 5/KM & ₹ 0.5/Min.
After completing your ride and reaching your destination you just need to end the trip on the application and keep the scooter in a Bounce Zone, which is available in different corners of the city. You may also opt for the Pick and Drop option on Bounce.
Bounce - Founders and Team
Bounce was founded by Anil G, Varun Agni, Vivekananda Hallekere.
Varun Agni, Anil G and Vvekananda Hallekere, Founders of Bounce (from left to right)
Varun Agni is known as the Co-founder & Head of Products and Technology at Bounce. Varun Agni studied at the University of Maryland from where he obtained a Master's degree in Telecommunication after completing his Bachelor's degree in Engineering from the RV College of Engineering, Bangalore.
Anil G is the Co-founder and COO at Bounce. He has spent a significant amount of time (nearly 4 years 4 months), with Bharat Electronics, where he was later promoted to the position of Assistant Manager - Account and Finance. Anil G then became the Finance Head of American Tower after which he co-founded Bounce in 2014
Vivekananda Hallekere is the Co-founder and CEO of Bounce. He is a Chartered Accountant from the Institute of Chartered Accountants of India, a degree which he obtained after getting his Bcom. He has previously worked as an Audit Assistant with Badari Madhusudhan & Srinivasan, Chartered Accountants. After working a little over 3 years at the previous firm, Hallekere joined BSR & Co. and then went to Suchindra and Vivekananda, where he has served as an Executive and a Partner respectively, before founding Bounce.
Bounce - Startup Story | How was Bounce Started?
Though Bounce is the name that we know the scooter rental platform by, Bounce wasn't named thus, nor it was Metro Bikes that was the name of the company. The founding trio founded Wicked Ride as a premium bike rental platform, which later became the parent company of Bounce.
The idea to found Wicked Ride came from a situation when Anil ordered a Royal Enfield and had to wait around 12 months to get the same delivered. This made the founders wonder about the purchase of bikes and the delay that the customers have to experience whenever they go for a high-end bike. They then thought that a premium bike like Hayabusa, Harley Davidson, and the rest cost so much and are even delivered so late that it is better to rent a bike than to buy one.
Eventually, the team started to offer daily commute bikes under the label, "Metro Bikes", which was later remained to be Bounce, after a beta stage in September 2018.
Bounce - Mission and Vision
“If I was to talk about a vision, I believe we can do over one million rides in a day. If there is any category in mobility that can achieve that kind of scale in India, it is scooters,” says Vivek.
Bounce - Name, Tagline and Logo
The tagline of the company goes as:
"Pickup and drop in all legal parking areas. Bounce anywhere, anytime. Your scooter, Everywhere."
The Bounce logo is in red and white, which are what can be referred to as the brand colours.
Saves your pocket: It weighs heavily on your pocket when you consider paying an EMI every month for your new 2 wheeler or 4 wheeler. Imagine having to pay EMIs for your house, laptop, air condition, latest microwave, dishwasher, washing machine, and more. Yes, the generation today is of the opinion that they simply need these things for survival. However, these monthly payments definitely take a toll on the finances at the end of the month. Higher so if you have to repay your education loan. So, where would you hope to save your money? Is buying a new car or a bike the best option now? Can it wait? If your answer is No to the first and a Yes to the latter, you should definitely try your hands on the rental service that Bounce provides.
Parking your cars can be a real headache: If you live in a metropolitan city like Bangalore, Mumbai, Delhi, Chennai, or Kolkata, you would soon realize there are more than 15 lakhs of vehicles on the road on a single day. So, where would you park your own vehicle and how much would the parking tickets cost per hour? For cities like Bangalore and Mumbai, the parking tickets range up to Rs 50-70/hour. The parking areas except in the malls, which are recently planned and developed, do not suffice more than 100-150 vehicles. Therefore, sometimes it could be a real dilemma to have the perfect spot to park. With Bounce, you do not need to worry about parking. You may complete your ride and keep it in a safe Bounce zone so that someone else can hop into the scooter that you rode minutes ago.
Environment-friendly: Have you read the concept about mass transit and re-use? Well, the developers at Bounce, aims to Reuse and Recycle the transport system so that with the limited number of vehicles more people can use it in turns. With fewer vehicles that radiate carbon dioxide, sulfur dioxide, and nitrous dioxide in the environment, having a rented scooter that helps you travel and emits less smoke, thereby causing less harm to the environment, is definitely a WIN-WIN! The United Nations and WHO also stress a lot on the deterioration of physical health due to the harmful smoke being emitted from the vehicles. With a reduction in the frequency that you use your scooters, it will also significantly cut costs and save the time that you might otherwise spend in the washing and servicing of your vehicles each month. Therefore, you would be doing a favor to your body and mind.
Safety factor: Whether you are a woman or a man, traveling with an unknown person might seem scary on a cab. We all know about the different challenges that occur in the daily lives of workers who return late, especially for women. If you know how to use a scooter, Bounce may be the best option to ensure safety. You can ride anytime anywhere without having to rely on another person.
Bounce - Business and Revenue Model
Bounce is a 2 wheeler rental platform based out of Bengaluru, India. It is currently the most affordable bike-rental platform that charges Rs 5 per kilometer and Rs 0.5 per minute. This definitely makes it really cost-effective as a commute option. When considered, Bounce's rates are even lesser than that of an autorickshaw.
According to the pricing model of the company, the cost of petrol is estimated at Rs 1.75 - Rs 2 per km and that of the maintenance can be summed up at Rs 1.5 per km. This then becomes over Rs 4 per km. Therefore, if any other company charges anything above Rs 4, then that turns into profit for them.
However, the team is looking to further reduce their cost by the electric scooters, the first of which was Bounce Infinity E1, which was rolled out on December 2, 2021. The E1 models of the Infinity range of scooters come with replaceable batteries and will be available for lease soon. These scooters will significantly contribute to maximizing the profits of Bounce, pulling down the overall price to Rs 0.5 per km. This shall make them simply put a charge of Rs 3 per kilometer and will still allow Bounce to make money out of it.
Bounce - Growth and Revenues
The Bounce revenues were reported to be at Rs 87.5 crore in FY20, which shrank by 83% to stand at Rs 15 crore in FY21.
Bounce Revenue Breakdown
A major portion (96%) of the Bounce revenues came from the rentals of bicycles and motorcycles. This dipped by 83% when the revenues earned by the company in FY21 are compared with that of the previous fiscal. The remaining 4% of its revenues consisted of the income from the sale of its products, which includes helmets, safety kits, electric power packs and more. This income also shrunk by 87% during FY21.
Bounce Expenses Breakdown
The employee benefits were a major expense for Bounce, which constituted 38% of the company's FY21 annual expenses. The cost of the employee benefit payments, including the ESOPs and stock appreciation right expenses worth Rs 26.13 cr, rose by 11% to become Rs 136.8 crore during FY21, which stood at Rs 123.09 crore in FY20. All of the other operating expenses, however, saw a staggering reduction.
Bounce - Future Plans
The future plans of Bounce are associated with bringing the company's financials towards profit, increasing the revenues, and spreading its areas of operation. The company launched its first electric scooter Infinity E1, which is expected to help the company improve its revenues because it brings swappable batteries to the market. These swappable batteries have brought down the market cost of the Bounce scooter by around Rs 36,000.
Bounce is a dock-less two-wheeler ride-sharing solution, on a mission to make daily commute reliable, affordable, and convenient in India. If you are willing to travel with your friends or just commute to your workplace every day with the most economical rates (ride fares as low as ₹5/km + ₹0.5/min), try and grab the scooters and pave your own way. Also, it's fun to enjoy life by doing everything you want on a low budget, after all, saving goes a long way.
Bounce - FAQs
What is Bounce?
Bounce is a 2-wheeler lending platform aiming to redefine daily commute with its smart, affordable, and effective mobility solution founded in 2014 in Bengaluru.
Who are the founders or owners of Bounce?
Bounce has been founded by the trio - Vivekananda Hallekere, Anil G, and Varun Agni.
How does Bounce app work?
If you are planning to book a ride via Bounce, you first need to help the app detect your location with the help of the location services of your mobile devices. You will then be having a scooter/bike booked by the app. You will then be able to use the scooter to drive to your destination. After you complete your ride, you can simply end your trip and make the payment.