Bike-sharing platform Bounce and EV startup Ather Energy announce strategic partnership
Bengaluru-based bike-sharing platform Bounce has partnered with electric scooter startup Ather Energy to enable its users to buy and list Ather 450 on its platform. Ather Energy’s CEO and Co-founder Tarun Mehta took to Twitter to announce the partnership on Monday, May 25.
He tweeted, “Buy a 450 for the weekdays and list in on Bounce on weekends.”
Under Bounce’s peer-to-peer programme, users can buy an Ather 450, the startup’s first electric scooter launched in 2018. Additionally, they can list it on the Bounce platform when they are not using the scooter, and offer it for rent.
While Bounce did not officially comment on this partnership, its Co-founder Vivekananda HR mentioned in a tweet about this new partnership.
Bounce was founded in 2014 by Vivekananda HR, Anil G and Varun Agni, with a mission to provide consumers with a cost-effective micro-mobility solution for first and last-mile travel.
Bounce currently operates a low-cost, dockless scooter rental model in Bengaluru and Hyderabad, with a fleet of over 23,000 vehicles (20,000 in Bengaluru and 3,000 in Hyderabad) and clocking more than 1,30,000 (1,00,000+ in Bengaluru and 30,000+ in Hyderabad) rides a day.
In March this year, Bounce had raised $6.5 million in debt funding from existing investor InnoVen Capital. This marks InnoVen Capital’s third investment in Bounce — in a span of 18 months — taking the total debt investment to $12 million, exclusively from the firm.
Earlier last week, Bounce also announced its partnership with Mumbai-based two-wheeler marketplace CredR. Incredible Technologies Limited, which owns and operates CredR, has secured an undisclosed round of funding in debt from Stride Ventures, earlier in April.
Vivekananda mentioned in a tweet that Bounce will be offering CredR’s scooters on its platform, also offering a rent-to-own model.
Last week, Bounce had also circulated a Google form, selling its few used scooters and bicycles. While media reports suggested that Bounce was stopping its bicycle business, a source from the Bounce team confirmed that the bicycle business is here to stay.
“We are selling our old inventory to focus on starting our electric vehicle business,” the source told YourStory.
Bounce had listed more than one thousand of its bicycles for sale in Bengaluru and Hyderabad at Rs 900, and within a couple of days; it was sold-out. Additionally, it was also selling helmets, to ensure that users brought their own helmets, Vivekananda mentioned in a tweet.
Bounce also launched its ‘Atmanirbhar’ plan, earlier this month, which includes a ‘rent to own model,’ for new and used scooters.
Starting at Rs 1,650 per month for 12 months, and with an option to own the vehicle at the end of the 12-months at a nominal price.
Edited by Saheli Sen Gupta