Bike Rental Startup Bounce Raises USD 105 Mn in Series D Funding Round
Bounce, a Bengaluru-based last mile shared mobility startup that owns over 20,000 two wheelers that are electric and gasoline operated in nearly 40 cities in India raised USD 105 million in Series D funding round led by Accel, a VC funding giant. The round was also led by a global technology funding firm, B Capital Group.The fund received will help the startup to penetrate deeper into electric vehicle (EV) integration and platform play. It will also make the brand drive profitability, the company said in a statement.
The fresh funding included participation of investors such as, Accel Partners India, Chiratae Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India, Qualcomm Ventures and Sequoia Capital India, it added.
The new fund lifts Bounce's price valuation to USD 520 million, and raises the total capital to USD 194 million. It has a fleet of over 13,000 vehicles in Bengaluru and 2,000 in Hyderabad. Bounce's docked scooter rental service is available to commuters in 35 cities. The team claims to have clocked over 16 million rides till date.
“The main vision of Bounce is to democratize mobility and thus make a significant socio-economic impact. This fresh funding will help us towards this vision,” Bounce CEO and co-founder Vivekananda HR said.
He further added "Our growth to 1,20,000 rides a day, in a little over a year and largely in one city, underlines that the future belongs to shared mobility. Shared mobility not only reduces the traffic but also frees up parking spaces, which in Indian cities is anywhere between 12-15 percent of the total usable real estate. However, the main vision of Bounce is to democratise mobility and thus make a significant socio-economic impact. This fresh funding will help us work towards this vision. It will also enable us to build a mobility platform that will help bringing in different forms of mobility solutions hyper-suited to the needs of cities and towns we plan to expand into, over the next few months.”
Throwing light on investment in Bounce, Partner at Accel Anand Daniel said the brand identifies one of the key gaps in the mobility sector and has managed to provide a convenient and cost-efficient solution with their tech capabilities.
“The main vision of Bounce is to democratize mobility and thus make a significant socio-economic impact. This fresh funding will help us towards this vision,” Bounce CEO and co-founder Vivekananda HR said.
He further added "Our growth to 1,20,000 rides a day, in a little over a year and largely in one city, underlines that the future belongs to shared mobility. Shared mobility not only reduces the traffic but also frees up parking spaces, which in Indian cities is anywhere between 12-15 percent of the total usable real estate. However, the main vision of Bounce is to democratise mobility and thus make a significant socio-economic impact. This fresh funding will help us work towards this vision. It will also enable us to build a mobility platform that will help bringing in different forms of mobility solutions hyper-suited to the needs of cities and towns we plan to expand into, over the next few months.”
Throwing light on investment in Bounce, Partner at Accel Anand Daniel said the brand identifies one of the key gaps in the mobility sector and has managed to provide a convenient and cost-efficient solution with their tech capabilities.
