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Bikes are an essential way to travel in India. Even one can avoid traffic jams as well. There are over 150 million scooters are there in India.
India is home to the automobiles sectors. So, there is peak demand for automobiles in India. But the existing problem is the issue of parking space.
Now, owning is bike is simple but searching for parking space becomes tedious. So, there is a serious problem existing now.
Even covid-19 made everyone health conscious. Now, the majority of people are not willing to travel by public transport. To, safeguard themselves from the deadly virus.
Consequently, there is concern about less parking space, pollution, and the covid-19 pandemic. So, bike sharing is the best solution to solve the problem.
Bike rental startups are now doing extraordinary service. From this startup, many people can book scooters online and then can travel.
Bike online apps or startups are now more prevalent due to the demand and competition. But in the early 2010s, there was hardly anyone in the bike rental startup space.
Bounce was one of the early startups which took initiative to start a bike rental company. Now, it is providing valuable services to the people.
In this blog, one can get answers to
- About Bounce Startup
- Bounce startup Story
- How Bounce Startup became successful startup in India
- What is the Bounce Business model
- Bounce Founders story
So, one can get a complete analysis of Bounce success story
Bounce Startup
Bounce is an Indian Startup, provides scooter-sharing services in India. From the Bounce app, one can book a scooter online and then get a ride.
This bike rental startup, Bounce is now leading in the market. It is an early entrant to the market. So, Bounce startup had learned about the market and users very well.
Bounce startup, till now it completed rides of 290 million Kilometer. Even, now Bounce is striving to compete in EV’s space. This company had also inculcated Ev scooter as well for the sustainability of the earth.
Bounce electric scooter had to give rides over nearly 3 million rides in 2021. As a result, the Bounce scooter had made a major contribution saving 691 million carbon emissions.
Vivekananda Hallekere, Anil, nad Varun Agni are the founders of Bounce Startup. This trio took a great decision after understanding the inefficiency in the market. So, they make a high impact in the bike rental space.
Bounce Startup was started in 2014. Presently, this startup is operating in 12 cities across India.
Now there are huge competitors for Bounce like
- VOGO
- Rapido
These bike rental startups are two major competitors of Bounce.
Now, in the next section, you will understand Bounce startup story. How was the Bounce startup founded?
Bounce Startup Story
Bike rental startups are now more native. But the situation was not the same in the early 2010s. As there was no rapid internet speed and penetration as of now.
Building an online tech startup was not an easy one. But startups are always there to solve the existing problem.
The majority of the people are facing a lot of issues while traveling. Everyone could not reach the last mile of their journey easily.
So, there are problems like lack of availability of autos in some areas. Then there would no facility for public transport for some distances.
Additionally, there was a lot of hike in the price of autos and cabs. But people were paying helplessly. So, there were a lot of problems faced by the people.
Also Read: Bigbasket Startup Story
Early-stage of Bounce Startup story
Vivekananda Hallekere was charted accountant and was working in KPMG. He was having lots of interest in startups. So, after one year he quit the job. Then he started working in the startup, Pratus.
While working in the startup, Vivekananda was introduced to Varun Agni as a co-worker. As he was working in the accounting app. Both had a common interest in startups and then went to explore more startup ideas.
Then they both became friends with Anil G as he worked in the same company. As Anil was having a great interest in motorcycles.
Subsequently, Anil decided to purchase Royal Enfield. So, Anil with his friends Vivekananda Hallekere and Varun Agni went to the showroom.
But there was something awaited from them. Thereof they went to the showroom and got to know that vehicle was not available. Even the waiting period was up to 8 to 9 months. This matter made them frustrated.
Then, the trio went up to many bike-sharing platforms to get the Royal Enfield. During this time, they discovered, the pathetic condition of bike-sharing platforms.
As there are only a fewer bike-sharing platforms. Even those too were not in good condition.
Also Read: Finshots Startup Story
Beginning of Bounce Startup
So, in 2014 Vivekananda Hallekere, Anil, and Varun Started Bounce Startup.
Then this startup solves problems like
- First and last-mile destination issues
- Beneficial for the college students
- Everyone could reach their destination at affordable prices
It was very difficult for the company, as it was the first to introduce keyless scooters into the market. A lot of innovation and research are made to bring out new models of vehicles.
Bounce startup story is inspirational as it proceeds. Copywriters and Patents were done as the Bounce company took the initiative to bring innovations.
In this way, bounce startups positively impact people. Bounce keyless scooters were on-demand in the market.
Bounce Infinity
Bounce company has started a new subsidiary Bounce Infinity. Now, the company is not only providing bike-sharing services. Additionally, Bounce startups are selling electric scooters.
The company, made an announcement that Bounce electric scooter will be on road in 2022. Even if it is the first vehicle, the users don’t want to charge the battery. Instead, users can easily swap the battery in the Bounce battery station.
Where people can easily access the station. So, Bounce start are working hard to build more battery-swapping station.
Even Bounce had already taken a 100% stake in 22Motors. As 22Motors are e-vehicle manufacturing units. So, now the company. Bounce had acquired 22Motors around 5 million.
Bounce Infinity scooters costs around 80,000. Now, it is the most affordable electric scooter in India. OLA electric scooter S1 and S1 pro are costing around 1 lakhs.
Bounce Business Model
The company is primarily providing scooter-sharing services to users. Another service that Bounce is providing is rental services.
In the sharing service, Bounce mainly earns from the distance traveled by the users. As the Bounce scooter charges 6 per kilometer.
Rental Service, where the users have to pay some deposit, and then the remaining sum is paid at the end of the period.
Now, the company is scaling up to reach newer states across India. Even now it’s starting its own electric scooter Bounce Infinity.
So, Bounce business model is to keep on exploring new ways. But the Covid-19 pandemic made them suffer huge losses. As people are constrained at their homes.
But now the pandemic situation fades away. Now the company is clocking over the phase. Now, people are more health-conscious and avoid public transport.
So, it is the best opportunity for the Bounce startup to capture the market once again.
In this way, Bounce startup story was started from Anil’s passion for a motorcycle. Now the company is about to start a new electric vehicle revolution.
Bounce Startup layoffs 2023
Bounce startup based out of Bengaluru has laid off its employees. This decision is taken after the company witnessed a financial crunch. So, to minimize the cash burn, Bounce’s two-wheeler rental startup has laid off over 90 % of its employees.
Earlier, the team size of the startup was over 200 employees. Now after the layoff in 2023, the headcount dropped to 40 to 50 members. So, according to the report, only top management is there in the startup right now.
According to the report, Bounce startup had laid off 200 contract basis and 100 full-time employees. Then this is the third time that the Bounce startup had given pink slips to their employees.
At this point instance, the startup is going to raise around $7 million in the bridge funding round. Even the two-wheeler rental startup had decided to retain Hritik Roshan as its brand ambassador.