Formerly called Metro bikes, Bangalore-based scooter rental startup Bounce has raised around $150 million in a recent round of Series D funding on Wednesday. The funding rounds were led by existing investors Eduardo Saverin and Accel Partners India.

The exact details of the funding round are yet to come to the surface, but sources mention the valuation to have exceeded $500 million. The current funding of $150 million is said to have overshadowed all other previous funding in the scooter rental market space. Earlier this year Bounce had raised $72 million from

the same set of investors which had a valuation of around $220 million.

Bounce is currently operating more than 17,000 scooters run on gasoline and electric spread across 36 Indian cities. Similar to other two-wheeler rental startups it too has an app that allows customers to book scooters from designated parking spots with the help of just an OTP. Bounce is providing the most affordable two-wheeler rental service at the cost of only rupees 1.5 per kilometer. The startup has over 2 million users in India and it has been claimed to be the fastest-growing two-wheeler rental in the world.

The CEO of Bounce Vivekananda Hallekere, earlier this year told The New York Times that traditional ride-hailing companies like OLA and Uber are reaching its limits. He further added: “You can’t make it affordable with a driver,” Hallekere said. “And if users know how to use a scooter, why do you need a driver?

India has the highest demand for the two-wheeler market in the world with over 20 million new users added every year and 200 million registered two-wheeler users. The funds will help Bounce expand its market presence in India even further against the backdrop of tough competition from other competitors in the bike rental economy.