November 22, 2021

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Bounce to launch its first electric scooter on 2 December

Bounce to launch its first electric scooter

Bounce to launch its first electric scooter on 2 December

Bounce a rental electric scooter startup is all set to launch its first electric scooter Infinity that is going to launch on December 2nd this year. The bookings of the electric scooter will also start on December 2nd and can be done with a token amount of Rs 499. The deliveries will begin in 2022.

Bounce will also install battery swapping stations for customers. The buyers will get a scooter without the battery pack option. The company says that the battery will be lithium-ion and the consumers can easily charge it easily at home or office. The optional battery pack helps the consumers to reduce the cost of the scooter by 40 per cent when compared to an ICE vehicle.

The Bounce is offering ‘Battery as a Service option wherein the customers will get an option of purchasing the bike without a battery pack that reduces the cost of the scooter to around 50-60,000 rupees. It will be the most affordable option for the customers as they will make use of Bounce’s extensive battery-swapping network.

Bounce has also announced that it has acquired a 100 per cent stake in 22Motors in a deal of about US$7 million in 2021. As per the deal, the company has acquired the 22Motors’ manufacturing plant at Bhiwadi, Rajasthan and intellectual property.

In 2020, Bounce had announced that it plans to add 4,000 e-scooters on its platform by February and will be transformed to a 100% electric vehicle fleet by the third quarter of FY22. Bounce had witnessed a steady rise in the number of daily rides and reached 35% pre-Covid19 pandemic. Before the Covid19 lockdown, it did about 1.3 lakh rides on a daily basis.

In March 2020, it had also raised fresh funding of $6.5 million from existing investor InnoVen Capital, Asia’s leading venture debt provider. The marks InnoVen Capital’s third investment in Bounce in a duration of 18 months which is total debt investment to $12 million, exclusively from the firm. The Bounce said that this new funding would fuel a deeper electric vehicle integration, multi-city expansion, platform play and help accelerate profitability.

Also, read related article: List of electric vehicles companies seed funding

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