India-based bike rental startup Bounce has raised $105 million in series D round funding from Accel Partners India, B Capital, and others.
The new round funding led by Accel Partners India, B capital has also saw the participation of its existing investors like Chiratee Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India, Qualcomm Ventures, and Sequoia Capital India.
“Bounce which currently operates in cities like Bengaluru and Hyderabad with a fleet of 13,000 and 2,000 respectively. Will use the fresh round funding to fuel deeper electric vehicle (EV) integration, platform play and to help drive profitability,” the company in its statement said.
Speaking on the new round funding, Vivekananda HR, Co-founder, and CEO, Bounce said “The main vision of Bounce is to democratize mobility and thus make a significant socio-economic impact. This fresh funding will help us towards this vision.”
Further adding to the statement, he said: “It will also enable us to build a mobility platform that will help to bring in different forms of mobility solutions, that are hyper-suited to the needs of cities and towns we plan to expand into, over the next few months.”
Commenting on the investment in Bounce, Anand Daniel, Partner, Accel Partners India said, “As the brand identifies one of the key gaps in the mobility sector and has managed to provide a convenient and cost-efficient solution with their tech capabilities.”
“The innovations around the keyless mechanism of using a scooter coupled with other Internet of Things (IoT) modifications, make Bounce very unique. We are excited to continue partnering with the Bounce team,” Daniel said.