Dockless Scooter Sharing Firm Bounce Raises $72 Million Series C Funding

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Bounce bike sharing

Bangalore based dockless scooter-sharing platform Bounce has announced bagging a $72 million (Rs 505 crore) capital as part of the Series C financing led by the existing backers Accel and Sequoia.

As per the latest RoC filing of the firm, Chiratae Ventures (formerly known as IDG Ventures), New York-based hedge fund Falcon Edge India, B Capital, Qualcomm Ventures, Maverick Ventures and Omidyar Network India also infused capital in the round. Prior to this fundraising, the firm had picked up $3 million as part of debt financing which was led by InnoVen Capital in April earlier in the year. The current round takes the total amount raised by the 5-year-old firm to over $100 million.

The firm was founded by Anil G, Varun Agni, Vivekananda Hallekere in 2014 as an urban mobility solution to help the masses commute daily through the last-mile connectivity. The platform allows one-way rental service where the users can pick and drop the bike upon reaching their destinations. The firm had recently crossed more than 2 million ride marks in the country. The firm now plans to add more than 50,000 bikes this year.

Vivekananda, the CEO of the company talking about the bike-rental segment said, “We truly believe that mobility is a fundamental right and we aim to provide every commuter accessibility to green and affordable options. Shared personal mobility addresses a key consumer need and is fast emerging as an important mode of transportation. This round of funding will help accelerate our expansion nationally across various cities.”

B Capital Group's co-Asia head and general partner Kabir Narang talking about Bounce and the capital infusion in the firm said, "Bounce can help democratize access to last-mile transportation with the use of technology to deliver an efficient and economical solution. The company has built a transformative solution to address mobility challenges in India and other emerging markets."

 

Image Courtesy : Bounce

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