Shared mobility start-up Bounce raises $105 mn in fresh funding

Shared mobility start-up Bounce on Thursday said it has raised USD 105 million (around 748 crore) in fresh round of funding led by Accel, a leading venture capital firm, and B Capital Group which is a global technology fund.

Photo Courtesy: Bounce Bikes
Photo Courtesy: Bounce Bikes

The fresh funding will fuel a deeper electric vehicle (EV) integration, platform play and help drive profitability, the company said in a statement.

The series D funding also saw participation of existing investors, Accel Partners India, Chiratae Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India, Qualcomm Ventures and Sequoia Capital India, it added.

"The main vision of Bounce is to democratise mobility and thus make a significant socio-economic impact. This fresh funding will help us towards this vision," Bounce CEO and co-founder Vivekananda HR said.

He further said, "It will also enable us to build a mobility platform that will help bringing in different forms of mobility solutions, that are hyper-suited to the needs of cities and towns we plan to expand into, over the next few months."

Commenting on its investment in Bounce, Partner at Accel Anand Daniel said the brand identifies one of the key gaps in the mobility sector and has managed to provide a convenient and cost-efficient solution with their tech capabilities.

"The innovations around the keyless mechanism of using a scooter coupled with other Internet of Things (IoT) modifications, make Bounce very unique. We are excited to continue partnering with the Bounce team," Daniel added.

Bounce currently operates its dockless scooters in Bengaluru and Hyderabad with a fleet of 13, 000 and 2, 000 vehicles respectively. It’s docked scooter rental service is available to commuters in over 35 cities.

The company claims over than 1,20,000 rides per day and has clocked over 16 million rides till date.

First Published Date: 23 Jan 2020, 14:25 PM IST
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