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Metro Bikes raises $12.2 mn funding; rebrands to Bounce

Press Trust of India  |  Mumbai 

today said it has raised USD 12.2 million in series-A funding round led by and Accel Partners, and has rebranded itself as Bounce.

Raghunandan G, of TaxiForSure, along with a consortium of other investors also participated in the funding round, the company said in a release.

The company 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- presence by expanding to all major cities by 2020, it added.

Meanwhile, the company today said it has changed its brand name to Bounce.

Its Vivekananda HR said there is tremendous potential for innovation in the shared mobility segment given the major gap in last mile connectivity in

"We are looking at a market opportunity of USD 4.5 billion and with the support of 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 Partner, will join the company's board, according to the release.

Earlier investors of Bounce include Prashant Priya, a serial entrepreneur, and Chandrasekar, co-founder,

Lakhani said Bounce has the potential to be a category creator - being the first to offer an cost-effective, personalised, motorised transport that fills a critical need gap in the Indian market.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 17:10 IST