Delhi/ Mumbai, March 03, 2020: India’s first and largest scooter sharing start-up, Bounce raises USD 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 USD 12 million, exclusively from the firm. New financing to fuel a deeper Electric Vehicle (EV) integration, multi-city expansion, platform play and help accelerate profitability.
Urban transportation is a major problem in Indian cities due to lack of proper infrastructure, growing congestion and pollution. 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 & last mile travel. The company currently operates a low-cost, dockless scooter rental model in Bengaluru and Hyderabad, with a fleet of 23,000+ vehicles (20,000 in Bangalore & 3000 in Hyderabad) and clocking more than 130,000+ (1,00,000+ in Bangalore, 30,000 + in Hyderabad) rides a day. The biggest impact of Bounce is in enabling usage of MRT; around 42% of its rides either start or end at a metro station.
Speaking on the latest funding, Vivekananda H.R, CEO and Co-Founder, Bounce, said, “InnoVen has backed our vision from very early days and been an incredible partner to work with. As we expand to more cities & towns, we will transition to a diverse shared mobility platform to enable various mobility options as per specific needs of each customer. The fund raised will help in realising these goals while we march towards profitability.”
Commenting on the investment, Ankit Agarwal, Director, InnoVen Capital India, said, “For India to unlock the next wave of growth, it is essential to solve for the long-standing problem of urban transportation by scaling shared-mobility solutions. Bounce holds massive potential in playing a crucial role in this growth story. InnoVen has been associated with Bounce since early days and impressed by the phenomenal progress they have made in a relative short period of time. Bounce is now moving to their next stage of growth and we are excited to be part of their journey.”
Bounce recently raised USD 105 million as part of its Series D funding round, led by Accel Partners and B Capital Group, taking the total capital raised to over USD 200 MN.
About InnoVen Capital: InnoVen Capital is Asia’s leading venture lending firm providing debt capital to high growth ventures. Started in 2008 as the first dedicated venture debt provider in India, the platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. To date, InnoVen Capital India has done over 250 transactions with more than 170+ startups across various stages, including Swiggy, Byjus, Oyo Rooms, CureFit, Myntra, DailyHunt, FirstCry, Blackbuck, Rivigo, Ather Energy and Yatra. For more information, please visit http://www.innovencapital.com and follow us on Twitter @InnoVenCap_IN
About Bounce: Bounce is India’s first and largest scooter sharing startup with a mission of making daily commute stress-free, timesaving, reliable and convenient. Founded in 2014 by Vivekananda H.R., Anil G and Varun Agni, this Bangalore based start-up aims to decongest the roads by encouraging commuters to choose public transport and provide a seamless first/last mile connectivity. With its patented key-less technology, Bounce users can pick up/drop the bikes, bicycles or electric bikes anywhere in the city at any time. The company does about 130,000 rides on a daily basis in Bangalore & Hyderabad. With strong presence in Bangalore & Hyderabad, the company looks to expand to other cities as well.
