After Ola, India’s next ride-hailing service start-up, Bounce is all set to alter the global economy with its cost-effective solution. This Bengaluru-based company was incepted in the year 2014 with the name “Wicked Ride” which later turned “Bounce.” The idea to start a bike-rental platform sparked when one of the co-founders, Anil waited 12-long months for his new bike to arrive after placing the order.
The trio, Vivekanandha, Anil, and Varun, then decided to provide daily-commute bikes at metro stations at first to be more accessible for the public. To offer its services, the company selected a specific commuting distance from Whitefield to Byapannahalli. However, at the initial stage, the complex service involved processes like hiring a person to deliver the bike, get the customer to sign documents, and finally, hand over the keys. Moreover, the company also partnered with people near the suburbs of Whitefield to collect the bikes.
Later, Bounce started to work on the hardware and technology part to build a dockless scooter-sharing model integrated with IoT. Today, it offers bikes which can be easily unlocked by the user without the keys. Moreover, the application allows users to easily book bikes near their locality and drop it off at any designated parking lots based on their convenience. The cost of each ride is economical, yet the service comes with surge pricing when the demand is high.
The economic growth of bike-sharing apps
Taxi service companies like Ola and Uber came up with smart ideas to make the cab-booking process quicker and easier. But Bounce, as a mobility player is trying to make use of the ubiquity of two-wheelers to allure a larger market with its cost-competent pricing. As per the IEC 360° Survey 2016, there are about 210 million people in India with a two-wheeler license. And, the number is still increasing.
It was also reported that the bike taxi market would gain its popularity over a period, witnessing a huge jump in demand. Bounce announced in the month of June 2019 that it has reached a significant milestone of 60,000 rides per day in Bengaluru in just 10 months. In contrast, its rival Vogo completed 35,000-45,000 rides. Also, both firms are expected to have 1,00,000 scooters by the year-end. If each scooter is estimated to have 4-5 rides per day, it will potentially push the market to over one million rides each day.
Besides, Bounce which was valued at $220 million in June after raising $72 million in a Series A funding round, conveyed that it is leveling up in the market compared with other global counterparts, including the US-based scooter-rental platforms Lime and Bird.
Investors acknowledging the market growth maintain that the bike-sharing companies are advancing much faster than the already existing taxi players in the market. Even though with companies like Rapido, Uber, and Ola competing in the market, Bounce offers more convenience to users with its low service price. The growth in this market has led to the development of a number of Uber-like app solutions in the market.
Future of bike-sharing services
Currently, the bike-rental pricing is fixed at ₹5/Km encompassing both fuel and maintenance cost. The unique cost is cheaper than the present cab service, which bills ₹15/ Km. Considering India, the price is even cheaper than riding in local auto rickshaws. Incepting a bike-sharing application like Bounce will definitely earn you more revenue. But, it also depends on the number of rides the vehicle trips in a day.
The bike-sharing platform is set to run its service using Electric vehicles (EVs). Measures to merge this kind of service is still in the process; however, it created a positive hype with possible ride cost reduced to ₹3/Km. The pricing is literally more economical, offering a 90% chance to earn more customers.
Developing a bike taxi software for your business
The global growth of bike taxi service is witnessing a steady increase and is on the verge of gaining a name as the most lucrative business in the market. As of present, there are only a few global and regional competitors in the market. The time is now if you are planning to start a bike-taxi business. There are also on-demand solutions to ease your launching process in simple steps. Choose the right developing partner if you want to become the next lucrative business like Bounce.
Looking to startup an On-demand Ride-hailing Bike Taxi Business?
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