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.
Learn more here, Bounce’s Success In Bike-Taxi Ride-Hailing Segment: Insights
