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Metro Bikes raises Series A investment of USD 12.2 million

Press Trust of India  |  Bengaluru 

Metro Bikes today said it has raised Series A investment of USD 12.2 million led by and Partners.

The company has also announced the change in its brandname to "Bounce".

The funds would be used to further scale the Bounce network across Bengaluru, invest in a robust delivery model through innovations in technology and develop a pan- presence by expanding to all major cities by2020, the company said in a release.

Raghunandan G, of and a consortiumof other investors, have also participated in this round, itsaid.

Founded by Vivekananda HR, Varun Agni and Anil G, the start-up offers a dockless scooter sharing service allowing users to pick up the scooter from anywhere, ride to their destination and drop it off at any location.

"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 bn," Bounce Co-Vivekananda HR said.

"We've also gone beyond scooters, offering other formsof transport including bicycles, electric pedelecs and kickscooters across the city. And Bounce seemed like an appropriate name for our new avatar," he added.

Stating that the average cost per km is as low as Rs 6for a Bounce user, the company said, with most intra-city commute being sub 5 km, the service is, therefore, already seeing massive adoption.

So far, the company has seen over 200k downloads on its and iOS platforms, it added.

Shailesh Lakhani, Managing Director, Sequoia Capital Advisors and Anand Daniel, partner, will join the board, the company said.

Its earlier investors include Prashant Priya, a and Chandrasekar, co-founder,

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

First Published: Thu, August 09 2018. 14:00 IST