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Shared mobility start-up Bounce bags $105 mn funding
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SME Times News Bureau | 23 Jan, 2020
Shared mobility start-up Bounce on Thursday received $105 million (Rs
749 crore) series D venture capital funds infusion led by Accel and the B
Capital Group.
"The innovation around the keyless mechanism of
using a scooter coupled with other Internet of Things (IoT)
modifications makes Bounce very unique. We are excited to continue
partnering with the Bounce team," Accel partner Anand Daniel said in a
statement.
Daniel said Bounce has identified one of the key gaps
in the mobility sector and has managed to provide a convenient and
cost-efficient solution with its tech capabilities.
Existing
investors in the start-up also include Falcon Edge, Maverick Ventures,
Omidyar Network India and Qualcomm Ventures, among others.
With
the latest Series D, total funding in Bounce has reached $194 million,
enabling deeper electric vehicle (EV) integration and platform play to
drive profitability.
According to Bounce, accelerating electric vehicle adoption will help the start-up reduce operating cost per kilometer.
"While
Bounce finances all its bikes through debt, tremendous investments are
needed to build the necessary electric vehicle tech and enable the EV
ecosystem," said the start-up.
The company will deploy the new funds for expansion in other cities, build tech infrastructure and hire more people.
The
start-up currently runs dockless scooters in Bengaluru and Hyderabad,
with a fleet strength of 13,000 and 2,000 vehicles, respectively.
Bounce's
scooter rental services are available in 35 cities, offering more than
1,20,000 rides a day, with each vehicle getting hired nine times daily.
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