Vivekananda Hallekere, Anil G, and Varun Agni: The Driving Force Behind Bounce’s Transformation

In the bustling city of Bengaluru, March 2018 marked a turning point in the entrepreneurial journey of three friends: Vivekananda Hallekere, Anil G, and Varun Agni. Having embarked on their start-up adventure in 2014, the trio had faced their share of challenges and pivots. Their initial efforts led them to experiment with various ideas and prototypes until they finally found their stride with Bounce, a scooter rental start-up that was beginning to make significant strides, generating around ₹30-40 lakh per month.

However, there was one thing missing from their journey: venture capital (VC) backing. Despite raising ₹14 crore from a group of angels and friends, Hallekere couldn’t help but wonder when VCs would recognize their potential and line up to invest in Bounce. The moment he had hoped for soon became a reality. In March 2018, six venture capitalists found themselves huddled in a cramped room in Bengaluru, illustrating the growing interest in Bounce. Hallekere’s wish came true, and in June 2018, Bounce successfully closed a Series A funding round, raising $10 million.

Over the next two years, Bounce experienced rapid growth. By January 2020, it boasted a fleet of 25,000 scooters across two cities and was serving over 1.2 lakh daily rides. The momentum was undeniable, as Bounce had already completed 16 million rides. However, this progress came to a halt when the COVID-19 pandemic struck in March 2020.

The sudden disruption brought about challenges for ride-sharing businesses, including Bounce. The pandemic forced the company to reevaluate its operations. With expenses piling up, particularly with regards to bike EMIs, operational costs, and salaries, tough decisions were required. After exploring various options, Hallekere made the bold choice to downsize significantly. In addition to the downsizing, Bounce opted to transition to an all-electric fleet. This decision stemmed from the company’s ongoing exploration of electric vehicles and its realization that charging infrastructure is not a feasible solution for India due to limited parking space. Bounce committed to transforming into an electric vehicle (EV) player.

Fast forward to October 2021, and the transformation is evident. Bounce now operates over 4,000 electric vehicles across Bengaluru and Vijaywada, facilitating 20,000 daily rides in these cities. The company has established an extensive battery-swapping infrastructure, leveraging local stores for this purpose. In fact, the company completed over 4 lakh battery swaps in Bengaluru alone last year. Moreover, Bounce’s acquisition of EV manufacturing company 22 Motors in October has propelled it into the realm of a full-stack EV player, capable of manufacturing its own scooters. It has even set up an EV manufacturing plant in Bhiwadi, Rajasthan, with an annual capacity of 1.8 lakh scooters.

Bounce’s unique approach to EVs focuses on offering electric scooters without batteries, which reduces the upfront cost by approximately 40%. As a result, the company is now positioned to compete with petrol scooters in terms of price and provide solutions to challenges such as range anxiety, charging concerns, and battery replacement costs. Investors have wholeheartedly supported Bounce’s transition to an EV player. They view it as a natural progression given the advantages of EVs, the impact of COVID-19 on ride-sharing, and the need for better consumer-oriented EV products. The Indian government’s push for EV adoption and rising fuel prices further bolster the prospects for widespread EV usage.

Vivekananda Hallekere’s confidence in Bounce’s future rests on the company’s deep understanding of scooters and the changing landscape of mobility. Bounce envisions a future where vehicle ownership becomes redundant, advocating for a shift toward a comprehensive electric model—owning, renting, and sharing. Hallekere believes that Bounce is not only redefining mobility but also creating the scooter that India truly needs. With a commitment to addressing the needs of the masses and building affordable, high-quality scooters, Bounce aims to lead the way in India’s electric vehicle revolution.