Bengaluru's Bounce becomes world's fastest-growing bike-sharing start-up

International News

Bounce on Tuesday said that it has reached a significant milestone of 60,000 rides per day in Bengaluru, making it the fastest-growing bike-sharing start-up in the world. Within 10 months of launching dockless scooters in Bengaluru, the firm has completed over five million rides, covering 30 million km.
The company, which was valued at over $220 million in June this year after raising $72 million in a funding round, said that it is scaling on par with global players, including US-based scooter-rental companies Lime and Bird.
"We are absolutely stoked by this milestone. This feat would not have been possible without the contribution of each and every member of the Bounce community, both employees and users alike," said Vivekananda H R, chief executive and co-founder of Bounce. "We are steadily on our way to democratising mobility in India and making Bengaluru a public transport society," he added.
According to the Transport Department, Bengaluru is home to over 7.6 million private vehicles, as per a 2018 report. With the introduction of last-mile bike sharing, the usage of public transportation has seen a steady increase. Bounce's 60,000 rides per day milestone was achieved with around 7,000 dockless scooters covering an average distance of 7-8 km per ride. The company said it also remains one of the most affordable modes of commuting, offering users rides at Rs 5 per km.

 "I have always believed that last-mile connectivity is going to be a game-changer in addressing urban traffic issues and enable a smooth transition to public transportation," said N Murali Krishna, special officer at Directorate of Urban Land Transport (DULT). "This achievement of Bounce within a short span of time stands a testament to the viability and acceptance of shared mobility," he added...Read More