<article><a href="https://www.dealstreetasia.com/?s=Sequoia Capital" target="_blank" rel="noopener">Sequoia Capital</a>-backed dockless scooter sharing startup <a href="https://www.dealstreetasia.com/?s=Bounce" target="_blank" rel="noopener">Bounce</a> has acquired the India assets of Chinese dockless bike rental company <a href="https://www.dealstreetasia.com/?s=Ofo" target="_blank" rel="noopener">Ofo</a>, which is globally on a consolidation spree, YourStory <a href="https://yourstory.com/2018/11/ys-exclusive-bounce-acquires-ofo-india/">reported</a>.</article>

<a href="https://www.dealstreetasia.com/?s=Sequoia Capital" target="_blank" rel="noopener">Sequoia Capital</a>-backed dockless scooter sharing startup <a href="https://www.dealstreetasia.com/?s=Bounce" target="_blank" rel="noopener">Bounce</a> has acquired the India assets of Chinese dockless bike rental company <a href="https://www.dealstreetasia.com/?s=Ofo" target="_blank" rel="noopener">Ofo</a>, which is globally on a consolidation spree, YourStory <a href="https://yourstory.com/2018/11/ys-exclusive-bounce-acquires-ofo-india/">reported</a>.
In July, <a href="https://www.dealstreetasia.com/?s=Alibaba Group" target="_blank" rel="noopener">Alibaba Group</a>-backed Ofo had announced that it is shutting down its India operations. The Chinese company had launched services in seven cities including Chennai, Indore, Delhi, Ahmedabad, Coimbatore, and Pune since its foray into the country in November last year. The company claimed it clocked over 1.1 million rides in just 10 weeks of operations in India. It had an employee base of around 30 in India.
Around 5,000 cycles belonging to Ofo India were rebranded into Bounce as part of the transaction, VCCircle reported. Financial terms of the deal were not disclosed. Bounce, formerly called Metro Bikes, aims to leverage the existing infrastructure solve the pain point of 1km-2km distance through dockless bikes or electric bikes, an Entrackr report said.
Metro Bikes, which is run by Wicked Ride Adventure Services Pvt. Ltd, was rebranded to Bounce recently to avoid the confusion of being only present in metro cities.
For Ofo, the move to leave India was aimed at prioritising its key international markets. Ofo reportedly wound up operations in Australia, Czech Republic, Austria, Germany, and Israel as it was facing cash crunch in these markets.
&#8220;We are shutting down our country [India] operation. It is part of a global strategy to shrink the footprint,&#8221; Rajarshi Sahai, director of public policy and communications, Ofo said in a July statement. &#8220;We want to leave the country on a positive note. We have completed 1 million rides across seven cities in 10 weeks of operations. I hope that the other players in the ecosystem will take the opportunity to grow,&#8221; he added.
In August, Reuters reported that Chinese ride-hailing giant Didi Chuxing and Alibaba&#8217;s Ant Financial are in talks with bike-sharing startup Ofo for a joint buyout offer that could value Ofo at up to $2 billion.
Founded by Vivekanand Hallekere, Varun Agni and Anil G in 2014, Bounce offers a dockless scooter sharing service allowing users to pick up the scooter from anywhere, ride to their destination and drop it off at any location. The company offers premium motorcycles on rent under the WickedRide label offering brands such as Harley Davidson, Benelli, Royal Enfield, Kawasaki, Triumph, and Ducati.
In September, Bengaluru-headquartered Bounce raised $3 million as venture debt from InnoVen Capital to finance its expansion plans and establish a pan-India presence. The four-year-old startup had raised $12 million from Sequoia Capital and Accel Ventures in August. The funding also saw participation from G Raghunandan, founder of TaxiForSure, and a consortium of other investors.
The startup currently offers services in select areas of Bengaluru, Hyderabad, Mysore, Jaipur, Udaipur, Belagavi, Manipal, and Jaisalmer, among others. A September Economic Times report said that Bounce plans to add 10,000 scooters in the next five-six months and go all the way to 30,000 over the next year.
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<a href="https://www.dealstreetasia.com/stories/dubai-careem-india-bus-shuttle-commut-107273/">Dubai’s ride-hailing firm Careem acquires India bus shuttle app Commut</a>

Sequoia Capital-backed dockless scooter sharing startup Bounce has acquired the India assets of Chinese dockless bike rental company Ofo.

Sequoia-backed bike sharing startup Bounce buys Ofo's India assets

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Sequoia-backed bike sharing startup Bounce buys Ofo's India assets

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