Bengaluru-based Bounce, which focuses on scooter- and bike-sharing, has raised $105 million (Rs 748 crore at current exchange rate) in a new Series D funding round.
The investment was led by existing investors Accel and B Capital, the investment firm led by Facebook co-founder Eduardo Saverin, TechCrunch reported. Bounce is now valued at slightly north of $500 million.
This fresh infusion of capital takes the total funding the platform has raised so far around $200 million. As part of the round, B Capital Group general partner and co-head Kabir Narang will join the board, according to Inc42.
VCCircle has contacted Bounce, owned by WickedRide Adventure Services Pvt. Ltd, and will update this report accordingly.
The startup said that it will use the funds it has raised to help it expand its bike rental service to more cities across India and move towards profitability. It is also planning to build its own electric vehicles. Currently, Bounce operates over 15,000 electric and gasoline-based bikes and scooters.
The company was founded in 2014 by Vivekananda Hallekere along with Varun Agni and Anil G. The Series D infusion comes after it raised Rs 505 crore (around $72 million) in Series C funding in June 2019, with Accel and Sequoia leading the round. Chiratae, Falcon Edge, B Capital, Maverick and Omidyar also invested in that exercise.
Before that, Chiratae had led an $8 million Series B round along with participation from Accel, Omidyar Network, Sequoia and Qualcomm Ventures. In April 2019, the firm raised funding from venture debt firm InnoVen Capital. In August 2018, Accel, Omidyar and Sequoia had invested $10.2 million in its Series A round. Bounce had raised $2 million in its pre-Series A funding round.
In November 2018, Bounce acquired the India assets of Chinese bicycle-sharing unicorn Ofo, which had wound up operations in India.
Other firms that operate in the mobility space include Roppen Transportation Services Pvt. Ltd, which runs bike pooling and taxi startup Rapido. In August last year, the firm raised Rs 391 crore (around $54.6 million) in Series B funding led by private equity firm WestBridge Capital.
Another two-wheeler rental startup is Vogo. In September 2019, reports said that Steadview Capital was in discussions to lead a fresh funding round worth $50 million (around Rs 358.17 crore) in the company. Existing investors such as Stellaris Venture Partners, Kalaari Capital and Matrix Partners were also expected to participate in the round.
