E-scooter and Bike rental company Bounce has raised US$97M in a recent Series D funding round. This funding was led by Facebook Co-founder Eduardo Saverin’s B Capital along with other investors. This funding helped the firm raise its net worth to US$450M. Moreover, New York based Falcon Edge Capital also took an active participation in the round.
Bounce was founded in 2014 by Vivekananda H.R., Anil G and Varun Agni. Their vision was to decongest the roads of Bangalore, the IT capital of India and to solve the existing traffic issue. It offers e-scooters and bikes on a rent to the public. The firm offers two types of rental options- One is on per hour basis while other is on sharing basis. Moreover, the company provides huge flexibility to the people to pick up and drop the two-wheeler at any place and time in the city thus providing effective last mile connectivity. It employs the principle of key less technology.
Bounce has claimed to reach 60,000 rides per day which is a remarkable milestone for any automobile start-up in the country. The company revealed to have more than 1.1 million users utilizing its services and 7000 bikes on offer.
Sequoia Capital, Accel Partners India, Chiratae Partners are some of the investors who actively participated in this funding round. Moreover, this e-scooter rental firm is backed by some new players including SCI Investments, Vistra ITCL, Omidyar Network, and Qualcomm Ventures.
Bounce’s Growth and Future Plans
Last Year, the company’s worth stood at US$200M in June 2019 and now it’s almost double at US$450M. Thus, the company has shown a marvelous growth over a span of six months. It has happened due to the problem solving strategy of the firm. The company identified the problem which the city was facing and has thus provided an efficient solution back by robust technology and operational effectiveness.
As far as the funds are concerned, the company will utilize it in a very systematic way to optimize the output and eventually the profit margins. The company plans to scale up its team, technology, supply and has an aim to touch 1 million rides per day which will be a huge milestone.
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