The round was led by new investors Facebook co-founder Eduardo Saverin's B Capital, Falcon Edge Capital. Other new investors included Accel Growth Fund, and Maverick while existing investors Sequoia Capital, Accel Partners, Omidyar etc., also participated in the round.
On-demand scooter rental startup Bounce has secured $72 million from a clutch of new and existing investors. The round was led by new investors Facebook co-founder Eduardo Saverin’s B Capital, Falcon Edge Capital. Other new investors included Accel Growth Fund, and Maverick while existing investors Sequoia Capital, Accel Partners, Omidyar etc., also participated in the round, its CEO and co-founder Vivekananda H.R. told Financial Express Online.
Existing investors doubled down with half of the capital coming from them and rest from new investors, said Vivekananda adding that the new round values the company at more than $200 million.
Bengaluru-based Bounce, which offers dockless scooter rental service on an hourly basis, will deploy the capital towards “technologies, and growing the team as we have built the dockless model from scratch and the money will be used to make it better,” he said.
Bounce funds its fleet of 3.5k scooters via debt hence the capital raised won’t be used for adding more scooters. The startup had multiple rounds of venture debt including $3 million raised from InnoVen Capital in April this year, $4 million from Sachin Bansal’s BAC Acquisitions in March this year, and $3 million from InnoVen in September last year.
While Vivekananda hasn’t planned the next round but he will raise the money “whenever there is an opporutnity and if it works out well for us.”
While Bounce would be looking to add over 10 cities this year but more than adding new cities, the startup will be “looking to add at least 100k scooters in next 12 months and a facilitating a million rides daily,” said Vivekananda.
Bounce will also be coming out with “new offerings in mobility in next 10-12 months,” he said without disclosing the details. The startup is currently present in Bengaluru, Ahmedabad, Jaipur, Hampi, Delhi, Udaipur, Belgaum, Mysore, Jaisalmer, and Bhuj.
Bounce competes with Wheelstreet, Onn Bikes, Rapido etc., in the two-wheeler rental market in India.