- India-based bike rental company Bounce announced that it raised $72 million in Series C funding
- According to TechCrunch’s sources, this round of funding values Bounce at more than $200 million
Bounce, an India-based bike rental company, announced recently that it raised $72 million in Series C funding led by B Capital Group (founded by Facebook co-founder Eduardo Saverin) and Falcon Edge Capital.
Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India, and Qualcomm Ventures (venture capital arm of Qualcomm) also joined this round. According to LiveMint, Bounce is planning to expand nationally and to build on its platform with this round of funding.
Launched in 2014 by Vivekananda Hallekere, Varun Agni, and Anil G, Bounce offers premium motorcycle rentals and then added commute bikes later on. The company was previously branded as Wicked and Metro Bikes. Now Bounce has a fleet of over 5,000 keyless scooters available in Bengaluru.
“We truly believe that mobility is a fundamental right and we aim to provide every commuter accessibility to green and affordable options. Shared personal mobility addresses a key consumer need and is fast emerging as an important mode of transportation. This round of funding will help accelerate our expansion nationally across various cities,” said Vivekananda via LiveMint.
The Bounce app allows users to pick up a scooter and drop it off at a designated parking spot. Recently, Bounce cross 2 million rides and the company is planning to introduce 50,000 vehicles later this year.
Including this round of funding, Bounce has raised over $92 million in funding. Some of Bounce’s other investors include Captain Prashant Priya and Sutures India co-founder L.G. Chandrasekar.
“Bounce can help democratize access to last mile transportation with use of technology to deliver an efficient and economical solution. The company has built a transformative solution to address mobility challenges in India and other emerging markets,” added B Capital Group general partner and co-head of Asia Kabir Narang.
TechCrunch’s sources said that this round of funding gives Bounce a valuation of more than $200 million.
