Bounce is a Bangalore-based startup. It offers more than 5,000 electric scooter for rent in India. To impact the navigation of the people in India’s traffic-clogged urban areas, company has raised $72 million to accelerate its bid.
In 2014, Vivekananda H.R, Varun Agni, and Anil G founded Bounce as Wicked Rides. Under the Wicked Rides banner, they offered premium motorcycle rentals. Commute bikes were added under the Metro Bikes label by them. In August 2018, it re-branded as Bounce. Using this app users can pick up a scooter and, when their ride is finished, drop it off at any parking spot. Customers are charged on the basis of time and model of electric scooter they choose. An hour-long ride could cost as little as Rs 15 (21 cents). Two million rides are already done by the app, as claimed by the startup.
B Capital, the VC firm founded by Facebook co-founder Eduardo Saverin and Falcon Edge Capital has led the Series C funding round for the five-year-old startup. Chiratae Ventures, Accel India, Sequoia India and Omidyar Network and several others, doubling down their investment, are pouring over $72 million worth Series C round in Bounce. Accel is leading the round with about $19.5 million, Sequoia is putting $16.2 million. Falcon Edge will invest about $9.8 million and Omidyar will be infusing $3.2 million. Chiratae and IDG collectively will contribute $7.6 million. B Capital is contributing $9.5 million in the series C round.
This investment means the startup has raised $92 million to date. A person familiar with the matter said that the current round valued it at more than $200 million. It raised little over $7 million in Series B round, last year. Moreover, Qualcomm APAC, Redwood Trust, MPOF Mauritius, and MAF Mauritius are also participating in the fresh financing round.
The startup is planing to use the fresh capital to add over 50,000 electric scooters to its fleets by the end of the year, as told by the co-founder and CEO of Bounce, Vivekananda Hallekere. Bounce also plans to enter more cities in India and invest in growing its tech infrastructure and head count, it employs about 200 people till today. With more plans to increase the business, start-up also aims to service one million rides in the next one year. Bounce is also working on building its own form factor for scooters, according to Hallekere. However, currently it offers IoT hardware and design for the scooters.
Bounce is rising as it bets that two-wheeler vehicles are already a common mode of transportation in the nation. Furthermore, they will play an important role in the future of ride-sharing, with electric vehicles replacing petrol ones.