Indian Startup Bounce secures $6.5m from InnoVen Capital

bounce ride sharing funding

Bengaluru-based startup Bounce raised $6.5 million from a Mumbai-based venture debt investor InnoVen Capital.

The mobile app-based two-wheeler startup currently has over $12 million debt funding; also this is the third time InnoVen is investing in the company over a period of 18 months. Bounce said that they will be utilizing the fund for electric vehicle (EV) integration, geographical expansion, and for other operations.

Recently, Bounce had raised around $105 million in a Series D funding led by Facebook Co-Founder Eduardo Saverin’s venture capital fund B Capital in February. Now, the bike rental startup has over $500 million making it the biggest company in the mobility segment in the country.

Several major investors like Sequoia Capital, Accel Partners India, Chiratae Partners, Omidyar Network, Vistra ITCL, SCI Investments, and Qualcomm Ventures have already invested in the two year-old company. As of now, Bounce operates in 35 cities with more than 23,000 two-wheelers on-road.

The startup offers scooter rentals in two formats – a per-hour rental option and a dockless two-wheeler sharing option aimed at regular commuters. Bounce allows its users to pick up and drop vehicles within the city limits and recently the startup had crossed 100,000 daily rides mark in Bengaluru alone.

Bounce has several other competitors like VOGO, who raised over $100 million from Ola and Yulu that received an $8 million investment from Bajaj Auto Ltd.