Sachin Bansal Invests in Scooter Rental Platforms
Sachin Bansal, the co-founder of Flipkart is looking forward to investing in start-ups after his exit from the E-commerce industry. Having invested in some of the popular companies recently, Bansal has established his own venture known as BAC Acquisitions Pvt Ltd. BAC Acquisitions Private Limited was founded by Bansal and his IITD batchmate Ankit Agarwal, former Director at Bank of America, in December last year. In January, Bansal had put in about Rs 50 crore ($7.05 million) into the entity. Earlier, Bansal had also lent Rs 500 crore to NBFCs Altico and Indostar. Furthermore, he has also invested a sum of $7 Mn (INR 50 Cr) in the company taking its authorised share capital to INR 7,500 Cr ($1.05 Bn).
Interestingly, Bansal, after his egress from Flipkart, decided to invest in at least five technology startups, including some ventures where he had already committed funds as an angel investor, like the medical technology startup SigTuple. Well, this is not all. In February, he also invested $92 Mn (INR 650 Cr) in one of the leading transportation network company developed by ANI Technologies Pvt Ltd., Ola as part of its ongoing Series J funding round.
Recently, Bansal has invested $3 Mn (INR 20.8 Cr) in debt each in dockless bike sharing companies which are Bengaluru-based, Vogo and Bounce. The Economic Times report revealed that both of these firms will be using fresh funds to develop their scooters and hardware. This is to take place in the coming two months after the latest funding rounds raised by the companies. In January 2019, it was reported that Bounce had raised over $7 Mn (INR 48.6 Cr) in a Series B round. On the other hand, Vogo too raised $8.87 Mn (INR 62.78 Cr) as part of its ongoing Series B funding round from Kalaari, Stellaris, Matrix and Pawan Munjal.
Earlier, in November 2018, Bounce acquired the India assets of Chinese dockless bike rental company Ofo. In December 2018, Ola, one of the best taxi services company, invested a sum of $100 Mn (INR 712 Cr) in Vogo to develop its own bike taxi operation.
Besides these, the statistics also reveal that the two-wheeler vehicles – scooters, motorcycles, and mopeds are sure to have at least 20 Mn sales in the future thus making it the most popular vehicle category to be sold in India.
At present, the two-wheeler service companies in India are dominated by topnotch brands such as Yulu, Mobycy, Ola Pedal, Stoneheadbikes, Rentabike, ONN Bikes, Tazzo Technologies, LetzCycle, and WheelStreet. Hopefully, Vogo and Bounce will take over these very soon.
What are Vogo and Bounce all About?
Founded in 2016 by Anand Ayyadurai, Padmanabhan Balakrishnan, and Sanchit Mittal, Vogo offers scooters on rent for short one-way trips with over 200 pick up points across Bengaluru and Hyderabad whereas Bounce, which is owned by WickedRide, is India’s first smart urban mobility solution, with a mission of making daily commute stress-free, time-saving, reliable and convenient. Bounce offers one-way rental services with the all-new keyless scooters, where you can pick up and drop the bike anywhere you need to.
These Bengaluru-based firms are in the advanced stage of talks to raise around $70-100 million from new and existing investors. Looking forward!