The financing round will help bounce fuel a deeper Electric Vehicle (EV) integration, multi-city expansion, platform play and help accelerate profitability.

Scooter-sharing startup Bounce raises 65 million from InnoVen Capital
Atom Fund Raising Tuesday, March 03, 2020 - 13:28

Scooter-sharing startup, Bounce has raised $6.5 million funding from existing investor InnoVen Capital, Asia’s leading venture debt provider. This marks InnoVen Capital’s third investment in Bounce, in a span of 18 months, taking the total debt investment to $12 million from the firm.

The financing round will help bounce fuel a deeper Electric Vehicle (EV) integration, multi-city expansion, platform play and help accelerate profitability.

 Bounce was founded in 2014 by Vivekananda H.R., Anil G and Varun Agni to provide consumers with a cost-effective micro-mobility solution for first and last mile travel.

“InnoVen has backed our vision from very early days and been an incredible partner to work with. As we expand to more cities & towns, we will transition to a diverse shared mobility platform to enable various mobility options as per specific needs of each customer. The fund raised will help in realising these goals while we march towards profitability,” Vivekananda H.R, CEO and Co-Founder, Bounce, said in a statement.

The company currently operates a low-cost, dockless scooter rental service in Bengaluru and Hyderabad, with a fleet of 23,000+ vehicles (20,000 in Bengaluru and 3000 in Hyderabad).

The startup claims to be clocking more than 130,000 (1,00,000+ in Bengaluru, 30,000 + in Hyderabad) rides a day. Around 42% of its rides either start or end at a metro station.

Commenting on the investment, Ankit Agarwal, Director, InnoVen Capital India, said, “For India to unlock the next wave of growth, it is essential to solve for the long-standing problem of urban transportation by scaling shared-mobility solutions. Bounce holds massive potential in playing a crucial role in this growth story. InnoVen has been associated with Bounce since early days and impressed by the phenomenal progress they have made in a relative short period of time. Bounce is now moving to their next stage of growth and we are excited to be part of their journey.”

 Bounce recently raised $105 million as part of its Series D funding round, led by Accel Partners and B Capital Group, taking the total capital raised to over $200 million.

Become a TNM Member for just Rs 999!
You can also support us with a one-time payment.