Bounce has recently raised US$105M funding in a Series D round led by Accel and Facebook co-founder Eduardo Saverin’s B Capital group. The funding round also saw participation from the existing investors- Chiratae Ventures, Accel Partners India, Sequoia Capital India, Omidyar Network India, Falcon Edge, Maverick Ventures, and Qualcomm Ventures.
The new funding makes the total amount raised by this startup to over US$ 194 million. According to reports, the company’s valuation has been boosted to US$ 520 million with this investment. It was also reported earlier that the company raised in series D funding an amount of US $97 million.
Bounce- The Future Belongs To Shared Mobility
Bounce, the Bangalore-based startup offers smart mobility solutions that make daily commuting time-saving and stress-free. The company was founded in 2014 by Varun Agni, Vivekananda Hallekere, and Anil G and operates in nearly three dozen cities in India.
This dockless bike and scooter sharing platform offers mobility from anywhere to anywhere service. Customers need to download the app, and they can pick and drop key-less scooters anywhere in the city, all they need to have is the OTP. Riding these bikes and scooters is more economical than hailing a cab. Moreover, the two-wheeler rides are easier to maneuver in the dense traffic of urban cities.
The company presently operates its fleet of more than 20,000 dockless bikes and scooters in various cities of India. Bounce formerly known as Metro Bikes now clocks over one lakh rides per day. The users after the ride can leave the vehicle in any nearby docking station or any mom-and-pop store partnered with the company. The company has partnered with more than 250,000 shops and merchants.
“Our growth to 120,000 rides a day, in a little over a year and largely in one city, underlines that the future belongs to shared mobility,” said Bounce CEO and co-founder Vivekananda Hallekere.
The Way Forward
With this new funding coming in, Bounce plans to fuel its electric vehicle integration efforts and move towards profitability. By speeding up the adoption of electric vehicles will help the company in reducing the cost per kilometer besides pushing for sustainable mobility.
Bounce also plans to make its offerings form-agnostic, which means making tailor-made solutions for the city or the town it forays into in the future. The company also plans to use these funds for expanding in multiple cities, for fresh hiring, and to enhance its tech infrastructure.
The company visions to make a socio-economic impact with this fresh funding by building its own ecosystem of electric vehicles.
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