Flipkart cofounder Sachin Bansal, through his second ventures BAC Acquisitions, has now invested INR 10 Cr ($1.45 Mn) in Bengaluru-based two wheeler rental startup, Bounce.
According to the Ministry of Corporate Affairs filings accessed by Inc42, Bounce has issued 1 Lakh non-convertible debentures to BAC Acquisitions.
The debt funding, reported first by paper.vc, is Sachin Bansal’s second investment in Bounce this year. He last invested $3 Mn in debt in Bounce in March. After his investment, Bounce has raised debt as well as equity funding reaching a total funding of $94 Mn.
Bounce: Over 2 Mn Rides
Bounce has raised investments from marquee investors such as B Capital Group, Falcon Edge Capital, Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures.
Founded as Wicked Rides in 2014 by Vivekananda HR, Varun Agni and Anil G, the company offers premium motorcycles for rent under the Wicked Rides banner, and commuter bikes under the Bounce brand.
The company aims to solve last-mile connectivity problem. It allows users to pick up scooters from locations closest to them and drop them at end-trip spots, priced by the hour and distance. The company claims to have deployed a fleet of over 5000 keyless scooters in Bengaluru.
Recently, the company recorded over 2 Mn rides. Going forward, the company plans to introduce over 50K vehicles this year.
In bike/scooter rental segment, Bounce competes with Vogo, Tazzo Bikes, ONN Bikes, among several others. A Statista report said that India’s two-wheeler vehicles (scooters, motorcycles, and mopeds) saw 20 Mn sales in 2017-18, which make it the most popular vehicle category sold in India.
Sachin Bansal’s Plans With BAC Acquisitions
Sachin Bansal marked a huge exit from Flipkart, when the company was acquired by US retail giant Walmart in 2018. He raked up millions and will keep receiving till 2020. The earnings coupled with years of connections in the Indian startup ecosystem, Bansal has been proving beneficial to the Indian entrepreneurs with his investments and mentorship.
In December 2018, Bansal along with his friend Ankit Agarwal registered BAC Acquisitions Pvt Ltd in Bengaluru with the vision of developing platforms which can optimise business automation and enable digitisation of processes across sectors.
The company had increased its authorised share capital to INR 7.5K Cr ($1.05 Bn) in January 2019, soon after which Bansal had invested another $7 Mn (INR 50 Cr) in BAC Acquisitions.
Bansal has invested across sectors, some of his notable investments include:
- Ather Energy– $51 Mn
- Altico Capital India- $35.16 Mn (INR 250 Cr)
- IndoStar Capital Finance – $35.16 Mn (INR 250 Cr)
- Vogo- $3 Mn (INR 20.8 Cr)
- Ola- $92 Mn
Earlier, there have been reports that Sachin Bansal is in talks with financial experts on the potential to launch a new venture in the fintech sector. He has also reportedly met Reserve Bank of India executives to figure out the eligibility requirements for starting a bank.