Bounce Infinity is going back to the drawing board and is bringing back a business that put the company on the map back in 2016—bike rentals, according to co-founder and CEO Vivekananda Hallekere. However, this time around, the company has switched from renting out petrol-run scooters to its own electric two-wheelers.
“We feel that our past in a way should not mean what we do in the future,” Hallekere said in the first episode of Accel’s podcast series, Inflection Point.
The series focuses on defining moments in the journeys of the investment firm’s portfolio companies, including.
Founded in 2014 as a premium bike rental company which offered two-wheelers across a range of brands, from Harley-Davidson to Ducati, to later becoming a scooter rental service and then pivoting to manufacturing its own EVs to target the gig economy, the team at Bounce has worn multiple hats.
Accel first invested in the company in 2018 in its $12.2 million Series A funding round, which also saw the participation of Sequoia Capital India (now Peak XV Partners).
“We are surrounded by people who tell us that we can do anything that we want to, be it our investors at Accel, or anyone else,” Hallekere added. The CEO recalled the conversation the company had with its investors, adding that it was “very easy”.
India’s gig economy is witnessing substantial growth, fuelled by ecommerce and quick commerce growth. According to think tank NITI Aayog, India’s gig economy is expected to employ 23.5 million workers by 2029-30.
Amidst the burgeoning gig economy, the demand for electric vehicles has also seen an uptick due to their low operating costs. It is this demand that Bounce Infinity is looking to tap into through Bounce Daily.
“Delivery boys are struggling to scale. They don’t find a scooter, or they spend a lot of money on fuel. Bounce is a perfect solution,” Hallekere said. “It’s sturdy, it’s reliable, it’s very modular, no dependency on any infra. These riders can just start with easy rentals and have access to this vehicle, and also actually own the vehicle over a period of time, which means that we’re enabling millions of these gig workers to have assets over a period of time. And access to mobility is like access to livelihood.”
Edited by Kanishk Singh
