Bengaluru-based bike-sharing platform Bounce has received homologation certification from International Centre for Automotive Technology (ICAT) for its self-assembled two-wheeler electric vehicles (EV).
Bounce’s founder and CEO Vivekananda HR also confirmed the development on Twitter last week, however, the company has declined to comment on the specifics of the certification. The development was first reported by the Mint.
Yay!! We got ICAT approval for our electric scooter 😉 super excited… beginning of a new journey. pic.twitter.com/znCng7iGOc
— vivek (@vivekanandahr) September 9, 2020
Homologation certification process approves every part of the vehicles including components like lamps, mirrors, tires and more. The process is applicable on all types of vehicles including EV and fuel-run internal combustion engines (ICE) vehicles. The certification process also has stringent checks for even the braking mechanism and other electronic fittings.
Even other startups like Ather Energy, Revolt, Tork Motors and others have received the homologation certification in the past. However, Bounce is the only consumer-focused bike-sharing platform to receive the same certification in India.
The company was founded in 2014 by Vivekananda, Varun Agni and Anil G. It has raised nearly $214.2 Mn from marquee investors like InnoVen Capital, Accel India, B Capital, Navi Technologies, Chiratae Ventures and more. Before the lockdown, Bounce was catering to nearly 1.30 Lakh rides daily, but the number had dropped to 15K rides. This is when the company decided to lay more focus on branching out of its bike-sharing business to subscription-based model and logistics partners.
Bounce is one of the few Indian bike-sharing startups to have received the certification on a self-assembled vehicle. A person close to the matter told the Mint that the entire vehicle will be assembled by Bounce itself for now, but they will soon require a manufacturing unit or a partner to help scale up the production process. The company currently has a separate team of engineers that looked into the creation of EVs, they added.
The company will provide its new self-assembled EV on a subscription pricing model as well as on a long-term rental basis. In parallel, it will also work with delivery and ecommerce companies to supply scooters for last-mile use.
In 2019, the company also raised $4.45 Mn from Flipkart cofounder Sachin Bansal’s BAC Acquisitions. The BAC Acquisitions funding came in two rounds, in March 2019 the Sachin Bansal led investment company invested $3 and $1.45 Mn in July.