India, frequently referred to as the two-wheeler factory of the world, serves a tremendous market both in India and abroad. About 15M two-wheelers were sold in India in 2021 and 3.7M two-wheelers manufactured in India by the top 4 Original Equipment Manufacturers (OEMs) were exported. By 2030, the number of two-wheelers sold in India annually is expected to reach 35M representing an about $30B market, growing at the back of limited penetration of affordable public transport (public transport only serves 7% of the total trips at present) and the ever-increasing cost of not-so affordable four-wheelers.
However, with rising fuel prices and the increasing cost of Internal Combustion Engine (ICE) scooters, ownership of personal two-wheelers has become financially challenging.
Owing to this, customers are now looking for reliable and affordable personal mobility solutions for their daily commute. This new customer demand, along with increasing environmental concerns and favourable government regulations, has created an urgency for electric mobility and set the stage for the rapid adoption of electric vehicles (EVs).
As Accel, we have always looked for new-age solutions that add immense value to consumers and Bounce with its dockless mobility solution presented a great investment opportunity in 2018. What started out as Wicked Ride – a luxury bike rental platform and pivoted to a dockless mobility solution has today become a full-stack EV mobility solution for the Indian masses with 3 core business verticals – electric scooter manufacturing, Battery-as-a-Service and dockless mobility. With a capacity of 220K+ scooters per annum, Bounce launched its Infinity e1 electric scooter in early 2022 and has already received 60K+ pre-orders. It completed 5M+ EV rides covering 27M+ EV mobility kilometres with 1M+ swaps by building India’s largest battery-swapping network present in 40k+ locations across India.
To understand this new era of mobility which is rapidly unfolding, we spoke to Vivekananda Hallekere, Co-founder and CEO of Bounce, who has been at the helm of EV mobility adoption in India.
In this conversation, Vivek talks about his journey, the various phases of Bounce, EV trends in India and abroad, the inevitability of EV adoption and the need for regulatory support.
- Bounce’s journey from luxury bike rentals to full-stack EV mobility – 1:15
- Battery charging, battery swapping and Battery-as-a-Service – 17:00
- Future of Electric Vehicles – Global and Indian – 26:06
- State of regulatory environment in India – 44:46
- Future of Bounce and Energy-as-a-Service – 50:46
We thank Vivek for coming on and sharing these insights with us and we wish him and Bounce team all the best for this amazing journey of revolutionizing personal mobility for India.
Blog authored by Lakshay Bansal from Accel
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