Bengaluru-based scooter renting company Bounce has raised USD 72 million in its Series C round led by B Capital and New York based hedge fund Falcon Edge Capital. Existing investors Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures also participated in this round.
Company said this round of funding will go towards the company’s plan to expand its presence nationally, especially in smart cities and will also be deployed towards strengthening the tech.
“We have invested behind micro-mobility as a prioritised theme across the globe. Bounce can help democratise access to last mile transportation with 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. We believe that the Bounce team is shaping urban mobility by bringing accessibility and affordability to India’s commuters. We have been impressed with the team’s market leadership, domain experience and speed of execution,” said Kabir Narang, general partner & Co-Head of Asia at B Capital Group.
This round of funding takes the total capital raised by Bounce to over USD 92 million, accelerating the company’s growth in the mobility sector. Founded in 2014 by Vivekananda H.R., Anil G and Varun Agni, Bounce aims to decongest the roads by encouraging commuters to choose public transport and provide a seamless first and last mile connectivity.
In November last year, it acquired India business of Chinese bike-renting company ofo that shuttered its business in multiple countries.
The company claims to have deployed a fleet of over 5000 keyless scooters in Bangalore. Bounce users can pick up and drop the scooters, bicycles or electric scooters anywhere in the city at any time. It claims to have completed over 2.2 million rides in Bangalore and now it plans to expand to other cities in India.
“Bounce has done a fantastic job in innovating a keyless scooter product offering that has been well received by the consumers. The healthy utilisation rates of scooters and high repeat behaviour from consumers prove that this model is well suited for mass market adoption as a intra-city mobility solution and we are excited to see the company scale this in Bangalore and beyond. The innovations around the hardware aspect of the product, specifically the keyless mechanism of using a scooter coupled with other IOT modifications, provide strong defensibility to the company and we firmly believe Bounce will be the category winner in the long term,” said Anand Daniel - Partner at Accel Partners.