Bounce, a motorcycle and scooter sharing start-up, has raised a fresh $6.5 million funding from existing investor InnoVen Capital, Asia’s leading venture debt provider. This marks InnoVen Capital’s third investment in Bounce, in a span of 18 months, taking the total debt investment to $12 million, exclusively from the firm. Bounce said the new financing would fuel a deeper electric vehicle (EV) integration, multi-city expansion, platform play and help accelerate profitability. The new funding round comes after the company recently raised $105 million (Rs 750 crore) and the firm revealed plans to expand in this country and also get into markets abroad. That investment had more than doubled the company’s valuation, to over $500 million, from its previous funding round last June.
“InnoVen has backed our vision from very early days and been an incredible partner to work with,” said Vivekananda H.R, CEO and co-founder, Bounce. “As we expand to more cities and towns, we will transition to a diverse shared mobility platform to enable various mobility options as per the specific needs of each customer. The fund raised will help in realising these goals while we march towards profitability.”
Bounce was founded in 2014 by Vivekananda H.R., Anil G and Varun Agni, with a mission to provide consumers with a cost-effective micro-mobility solution for first and last-mile travel. The company currently operates a low-cost, dockless scooter rental model in Bengaluru and Hyderabad, with a total fleet of over 23,000 vehicles and clocking more than 130,000 rides a day.
“For India to unlock the next wave of growth, it is essential to solve the long-standing problem of urban transportation by scaling shared-mobility solutions,” said Ankit Agarwal, Director, InnoVen Capital India. “Bounce holds massive potential in playing a crucial role in this growth story.”