Bengaluru-based scooter sharing startup Bounce has raised $6.5 million in debt funding from present investor InnoVen Capital. This marks InnoVen Capital’s third funding in Bounce, in a span of 18 months, taking the whole debt funding to $12 million, solely from the agency.
Ankit Agarwal, Director, InnoVen Capital India, stated,
“InnoVen has been related to Bounce since early days and impressed by the exceptional progress they’ve made in a comparatively quick time period."
Bounce stated it’ll use the financing to gasoline a deeper electrical car (EV) integration, multi-city growth, and platform play, in a bid to speed up profitability.
Bounce not too long ago raised $105 million as a part of its Sequence D funding spherical, led by Accel Companions and B Capital Group, taking the whole capital raised to over $200 million.
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City transportation is a serious drawback in Indian cities because of lack of correct infrastructure, rising congestion and air pollution. Bounce was based in 2014 by Vivekananda HR, Anil G and Varun Agni, with a mission to offer shoppers with a cheap micro-mobility resolution for first and final mile journey.
Vivekananda HR, CEO and Co-founder, Bounce, added,
“As we broaden to extra cities and cities, we are going to transition to a various shared mobility platform to allow varied mobility choices as per particular wants of every buyer. The fund raised will assist in realising these targets whereas we march in the direction of profitability.”
Bounce at the moment operates a low-cost, dockless scooter rental mannequin in Bengaluru and Hyderabad, with a fleet of 23,000+ autos (20,000 in Bengaluru and three,000 in Hyderabad) and clocking greater than 130,000+ (1,00,000+ in Bengaluru , 30,000 + in Hyderabad) rides a day.
The corporate stated the most important impression of Bounce is in enabling utilization of mass speedy transit (MRT), round 42 % of its rides both begin or finish at a metro station.
Began in 2008 as the primary devoted enterprise debt supplier in India, InnoVen Capital India has achieved over 250 transactions with greater than 170+ startups throughout varied phases, together with Swiggy, Byjus, Oyo Rooms, CureFit, Myntra, DailyHunt, FirstCry, Blackbuck, Rivigo, Ather Power and Yatra.
(Edited by Evelyn Ratnakumar)