The firm will manufacture and distribute the i300 range of vehicles, which Zapp had first introduced in 2018. Bounce Infinity said in a statement that it would act as a contract manufacturer for Zapp’s vehicles using its plant in Bhiwadi, Rajasthan, working on specifications provided by the latter.
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Bounce Infinity’s “manufacturing expertise and market presence” would accelerate Zapp’s entry into urban markets in India, Zapp chief executive Swin Chatsuwan said. “India is already one of the largest markets in the world for sales of two-wheelers, and the share of electric vehicles is forecasted to reach 45% by 2030. We think the design attributes of the i300 make it an excellent solution for personal mobility with India’s growing purchasing power and urban densification,” he said.
Bounce Infinity also sells its own range of electric scooters. It had raised $20 million in a funding round in January last year, with participation from the likes of Peak XV Partners, Chiratae Ventures and Accel. Innoven Capital, B Capital, Falcon Edge, Qualcomm, Omidyar Network and Maverick Capital have also backed the firm, which has raised about $200 million in funding so far.
Starting off as Wicked Ride, a rental service for high-end performance motorcycles, the Bengaluru-based firm changed tracks to focus on app-based scooter rentals and rebranded itself as Bounce. However, the scooter rental business was severely hurt by Covid-19 and the company scaled down operations, liquidating most of its fleet of scooters.
It then rebranded itself as Bounce Infinity and focused on manufacturing and selling electric scooters. The firm’s operating revenue surged about sixfold year-on-year in 2022-23 to Rs 91 crore, while its loss narrowed 19% to Rs 197 crore. It has yet to file its financials for 2023-24.
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