Introduction
In 2014 a company started named ‘Wickedride‘ was used to give luxurious motorbikes on rent. The company was getting profit, but they analyzed everyone could not afford these luxurious bikes. They are not reaching the whole market and to the mind of every individual.
Firstly, a person had to deposit some security money to enjoy the rides, but how many in our country can afford these features. So they bought some bikes that anybody can book and enjoy rides 6 Rs/km.
A person can enjoy rides. These are not regular bikes; they gave features of GPS and OTP generated on the registered number and had to enter instead of keys system. They are not so much costly, approx 10 to 20 Rs. In 2016 they changed its name ‘Bounce‘.
Bounce Founder
The ‘Wickedride’ was founded by Vivekanand H R, Varun Agni, and Anil G in 2014. Its legal name was Wickedride Adventure Services Pvt. Ltd. Its headquarter is in Banglore, Karnataka.
It is a Business to customer model. Mauritius Investments, Navi Technologies, B Capital Group, Innoven Capital, Sequoia Capital India, Accel, Chiratae Ventures are the investors of Bounce.
Bounce Business Model
Bounce offers a scooter-sharing service that allows users to pick up a scooter from anywhere, ride it to their destination and drop it off at any location. It is a business-to-customer model. They facilitate rental bike and bicycle services. The revenue model of this company is to charge a fare of rental bikes and post an advertisement for vehicles.
The milestones achieved are a $220 valuation and 60k rides per day. They are serving facility 10+ cities, including Banglore. They serve four types of rides Commute, Short rides, Long rides, Upcoming services. Instead of a keys system, they provide an OTP that has to be set on the bike system. If someone wants to purchase the bikes, they can.
Procedure for Booking
Firstly, make a profile on their particular website or application, then locate the nearest bike booking will confirm; after making payment after that, it will show the pick-up point and generate OTP that has to enter for start riding.
Read More: Rapido – The Success Story of Bike-Taxi Service Startup
Acquisition and the future plans
During the Pandemic, the company suffered loss, but now the company has moved to enter electric scooter manufacturing. The company is set to acquire 22 motors in a cash and stock deal. Parveen Khrab and Vijay Chandrawat are 22 motors co-founders.
Bounce aims to start this by the end of the fiscal year(Feb-March). Bounce is also thinking to acquire Coimbatore-based-e-scooter manufacturer Booma Motors. The company raised its equity worth $ 105 million last year January 2020. The KYMCO will also help Bounce in manufacturing electric scooters by getting stakes.
Bounce will also be setting up a manufacturing unit in Manesar (Harayana). The company’s target is to hit a $ 1 billion turnover in the next two years. Co-founder Vivekanand Hallekere said,” We will launch two more electric scooters in mid-November, and it will probably start in January.
It will be with or without batteries between rs. 36,000 and rs. 45,000. One manufacturing unit will be planted in Bhiwani (Rajasthan) and can even get the battery charging facility at a Kinara shop.
Conclusion
Bounce bikes services are the same as other ride services like Ola, Uber, Rapido, etc., but in these rides, no driver the bike is entirely yours. You just have to reach on pick-up point and get a bike, and after complete, park into the bounce parking area.
These rides can be used daily or for long rides, and the good thing is that they are very affordable and on budget. So, in my opinion, these rides should be increased in India, and people also must know the importance of bikes because in many cases, people park bikes in no parking area and sometimes damage the bikes.
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