E-scooter firm Bounce raises $97m in round led by Eduardo Saverin’s B Capital

Bengaluru-based bike and e-scooter rental company Bounce has raised about US$97 million in a series D round led by Facebook co-founder Eduardo Saverin’s B Capital Group.

Photo credit: Bounce

New backers Omidyar Network, Vistra ITCL, SCI Investments, and Qualcomm Ventures also participated in the round, alongside existing investors Sequoia Capital, Accel Partners India, and Chiratae Partners, Livemint reported, citing filings with India’s Ministry of Company Affairs (MCA).

According to a person directly briefed on the deal, the startup is now valued at around US$450 million. That’s double its previous valuation of US$200 million, which it achieved after raising US$72 million in series C funding in June 2019.

That round was also led by B Capital, alongside New York-based Falcon Edge Capital. Bounce said it planned to use the proceeds from the funding round to expand its business locally and further develop its technology.

According to a recent filing with the MCA, Bounce’s losses during the financial year ended March 2019 widened tenfold to 706 million rupees (about US$9.9 million). It also posted a threefold increase in full-year 2019 revenue to 140 million rupees (US$2 million).

Founded in 2014, Bounce offers a dockless scooter, moped, and motorbike-sharing service across several Indian cities. It claims to manage over 17,000 electric and gasoline scooters in the country, crossing 100,000 daily rides in Bengaluru in October 2019.

Previously known as Metro Bikes, Bounce announced in November 2018 that it acquired the India assets of Chinese bike-sharing firm Ofo. The company has a presence in 35 cities, after recently launching in Hyderabad.