Bike rental startup Metro Bikes today said it has raised USD 12.2 million in series-A funding round led by Sequoia India and Accel Partners, and has rebranded itself as Bounce.
Raghunandan G, founder of TaxiForSure, along with a consortium of other investors also participated in the funding round, the company said in a release.
The company will use the funds to further scale its network across Bengaluru, invest in a robust delivery model through innovations in technology and develop a pan-India presence by expanding to all major cities by 2020, it added.
Meanwhile, the company today said it has changed its brand name to Bounce.
Its co-founder Vivekananda HR said there is tremendous potential for innovation in the shared mobility segment given the major gap in last mile connectivity in intra-city travel.
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"We are looking at a market opportunity of USD 4.5 billion and with the support of Sequoia India and Accel Partners, we can bring these innovations and solutions to people on a much larger scale," he added.
Shailesh Lakhani, managing director, Sequoia Capital India Advisors, and Anand Daniel, partner, Accel Partner, will join the company's board, according to the release.
Earlier investors of Bounce include Captain Prashant Priya, a serial entrepreneur, and LG Chandrasekar, co-founder, Sutures India.
Lakhani said Bounce has the potential to be a category creator - being the first to offer an cost-effective, personalised, motorised transport that fills a critical need gap in the Indian market.
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