Bounce, one of the first startups in the country to get into the smart urban mobility space, has concluded a fund-raising round in which the company has received $3 million in the form of debt funding. The investment has come from InnoVen Capital, an investor with focus on debt funding as a route to financing. The total funds raised so far by Bounce now stands at $22.5 million. The company operates keyless bikes in Bengaluru, mainly catering to the Metro passengers in helping them with last-mile connectivity.
The dock-less urban mobility solution provided by Bounce means that one can pick up their bikes from any location and drop them off anywhere. This is the more preferred and convenient way of renting out bikes since the fixed location or docking station type vehicle hiring can pose difficulties for the customers, both while picking up the bike and dropping them off.
Vivekananda H.R., CEO and Co-Founder, Bounce said, “InnoVen has been a strong believer of our business since early days and has continued their support not only in form of capital but also relevant connections for business and fundraising.”
The funds raised in this round will go towards expanding their current fleet of 5000 bikes in Bengaluru and in adding more cities like Hyderabad and Chennai going ahead. Within Bengaluru too, there may be increased attention on improving penetration and presence.
In terms of the numbers being quoted by the company, they claim they are now handling about 24,000 rides a day with the total number of rides done since 2018 when the operations started till date, adding up to 1.9 million and the distance covered as much as 15 million kilometres. To the customer, the average cost of hiring bikes from Bounce comes to around Rs 6.50 per kilometer.
InnoVen Capital has expressed its confidence in Bounce saying it has been impressed with the company’s rapid progress. The venture has been founded by Vivekanand HR, Varun Agni and Anil G. They say their mission is to make city commuting stress-free, time-saving, reliable and convenient.