Bike renting start-up Bounce has raised $72 million as part of its series C round. B Capital Group, a global technology fund, and Falcon Edge Capital, a New York-based hedge fund led the investment. The investment also saw participation from Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures, the investment arm of Qualcomm Incorporated. The proceeds of the funding will go towards the company’s plan to expand its presence nationally.
Bounce has deployed a fleet of over 5,000 keyless scooters in Bengaluru. The app allows the users to pick up a scooter and drop it at any legitimate parking spot. The company said that it recently crossed the two million rides mark. Bounce plans to introduce 50,000+ vehicles during the current year.
The latest round takes the total capital raised by Bounce to over $92 million. This comes after a recent $8 million Series B funding that was led by Chiratae Ventures, with participation from Accel Partners India, Omidyar Network India, Sequoia Capital and Qualcomm Ventures.
The company’s CEO & co-founder Vivekananda HR said, “Bounce is actively working with the local and national government to provide innovative solutions for seamless first and last mile connectivity. This round of funding will help accelerate our expansion nationally across various cities. We appreciate the ongoing support of our investors who have continuously believed in the growth trajectory of Bounce.”
In August last year, Accel Partners India, Omidyar Network India and Sequoia Capital led $10.2 million Series A funding round. Prior to that, Bounce raised a pre-series A round of $2 million, funded by Captain Prashant Priya and LG Chandrasekar, co-founder, Sutures India.
Anand Daniel, partner at Accel Partners, said, “The healthy utilisation rates of scooters and high repeat behaviour from consumers prove that this model is well suited for mass market adoption as an intracity mobility solution and we are excited to see the company scale this in Bengaluru and beyond.”
“The innovations around the hardware aspect of the product, specifically the keyless mechanism of using a scooter coupled with other IOT modifications, provide strong defensibility to the company and we firmly believe Bounce will be the category winner in the long term,” he added.