Bike rental firm raises $105m
Bounce currently operates dockless scooters in Bangalore and Hyderabad
- Published 24.01.20, 1:18 AM
- Updated 24.01.20, 1:18 AM
- a min read
Bounce, a bike rental start-up, on Thursday said it has raised $105 million (about Rs 745 crore) in a funding round led by Accel and B Capital Group.
The series D round also saw participation from existing investors — Accel Partners India, Chiratae Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India, Qualcomm Ventures and Sequoia Capital India, a statement said.
Kabir Narang, general partner and co-head of Asia at B Capital Group, will join the Bounce board, it added.
“The fresh funding, which takes the total amount raised to over $194 million, will fuel a deeper electric vehicle (EV) integration, platform play and help drive profitability,” the statement said.
Bounce noted that adoption of EVs will not only help in pushing for sustainable mobility, but will also help the company reduce the cost per km.
“While Bounce finances all its bikes through debt, there is tremendous investments needed to build the necessary EV tech and enable the EV ecosystem... The funds will also be deployed towards multi-city expansion, enhancing tech infrastructure and talent acquisition,” it added.
Bounce currently operates dockless scooters in Bangalore and Hyderabad with a fleet of 13,000 and 2,000 vehicles, respectively. The docked scooter rental service is available to commuters in over 35 cities.