After a massive $105 million round recently, one would assume Bounce’s appetite for capital would subside for a while. Well, it doesn’t seem so. The app based two wheeler rental start-up has announced a fresh raise of $6.5 Million from Asia’s leading venture debt investor InnoVen Capital. This is Innoven’s third infusion into Bounce, taking its total investment capital in the company to $12 Million.
On the basis of previous rounds that the company has raised, it looks like Bounce is still on the lookout for more investors to complete its $105M Series D round. Initial reports, back in 2019, had suggested that the company wants to raise $150M in Series D. This $6.5 million round is hence, essentially an add on to the company’s Series D round.
The aim with this capital fundraise remains the same as earlier. Bounce intends to use the money to deepen its electric vehicle integration.
Founded in 2014, the Bangalore-based start-up operates a fleet of more than 23,000 two-wheelers in 35 cities as of now. The investment will aid its geographical expansion beyond these 35 cities.
Heavy investments that lead to these technical advancements are common in the history of the company. Since its founding, the start-up has raised over $200 Million in funding from investors such as Accel, Sequoia India, Falcon Edge, Omidyar Network, Vistra ITCL,SCI Investments and Qualcomm ventures. As for InnoVen Capital, it is the platform’s third investment in the start-up over the past eighteen months.
The platform describes its first investment in the company as a ‘risky bet’ but claims to be well pleased by the company’s progress over its three successive investments and believes the Bangalore-based start-up to be a clear leader in the two-wheeler rental market.
In addition to these investments, Bounce was also invested in through a series-D round led by Facebook co-founder Eduardo Saverin. The $105 million round, that closed a few weeks back, raised Bounce’s value to a whopping $500 Million. These investments make the company a major player among other mobility services such as VOGO that the start-up competes with. VOGO, a direct competitor for Bounce, also raised successive amounts of $100 Million and $8 Million from Ola and Bajaj over the past couple of years.
Bounce crossed 100,000 daily rides in the city of Bangalore, owing to its offerings that are highly customised based on customer feedback. Within city limits, the scooters can essentially be rented in two formats. For daily commuters, the service is a dock less two-wheeler sharing option. The other service is a per-hour rental.
Operating in 35 cities, the variety of services makes the company an inviting option for city residents. In addition to these services, the Bangalore-based start-up offers an electric vehicle arm named ‘Zuink Smart Mobility Solutions’.
