2-wheeler rental start-up Bounce raises Rs 692 crore

Sequoia Capital, IDG Ventures India Fund III , Vistra ITCL and Qualcomm Asia Pacific are other investors who are participating in the funding round, documents showed.

By:Updated: January 9, 2020 10:31:44 AM

Two-wheeler rental start-up Bounce is raising Rs 692.31 crore (about $100 million) in fresh Series D round of funding, led by existing investors Accel and B Capital Group.

While B Capital is routing its investment through B Capital Asia II, Accel is investing via three entities, according to the company’s RoC filings sourced from business signals platform Paper.vc. Both Accel and B Capital are investing about Rs 250.8 crore (about $35 million) each.

Sequoia Capital, IDG Ventures India Fund III , Vistra ITCL and Qualcomm Asia Pacific are other investors who are participating in the funding round, documents showed.

Founded by Vivekananda HR, Varun Agni and Anil G, the Bengaluru-based start-up has raised a total of $194 million so far, according to analysts at paper.vc.

“This appears to be the highest amount of funding that any scooter rental company has raised globally. We estimate that the company is now valued at $494 million, up by around $289 million or 140% more than its valuation from the last major round of financing which took place in June 2019,” said Nikhil Kanekal, an analyst at paper.vc.

The firm had raised $72 million in Series C round of funding in June 2019 at a valuation of about $220 million.
Last year, the firm claimed to have reached 60,000 rides per day in Bengaluru, making it the fastest-growing bike-sharing start-up in the world. Bounce, which competes with Ola-backed Vogo, manages more than 17,000 electric and gasoline scooters, according to Crunchbase.

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