India’s Bounce raises $105m in series D round led by B Capital, Accel

Bounce, a bike- and scooter-rental startup in India, announced that it has raised US$105 million in a series D funding round led by Facebook co-founder Eduardo Saverin’s B Capital Group and Accel.

Existing investors Accel Partners India, Chiratae Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India, Qualcomm Ventures, and Sequoia Capital India also participated in the round, according to a statement.

Photo credit: Bounce

The new funding, which brings the startup’s total amount raised to over US$194 million, boosts Bounce’s valuation to about US$520 million, according to media reports.

It was earlier reported that the startup raised US$97 million in series D funding, according to filings with India’s Ministry of Company Affairs.

With the new capital, Bounce looks to fuel its electric vehicle (EV) integration efforts and work toward profitability. It said that accelerating the adoption of EVs will not only help push for sustainable mobility but also assist the startup in reducing cost per kilometer.

The shared mobility company also aims for a platform play to make its offerings form-agnostic, allowing it to tailor its solution to the city or town it forays into.

Bounce will use the fresh investment to drive its multi-city expansion plans, enhance its tech infrastructure, and make new hires.

“Our growth to 120,000 rides a day, in a little over a year and largely in one city, underlines that the future belongs to shared mobility,” said Bounce CEO and co-founder Vivekananda Hallekere. “However, 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.”

Bounce currently operates its dockless scooters in Bangalore and Hyderabad, with a fleet of 13,000 and 2,000 units in the two cities, respectively. The startup claims to have clocked in over 16 million rides since being founded in 2014.