The latest round takes the total capital raised by Bounce to over USD 92 MN, accelerating the company’s growth in the mobility sector.
Bounce, India’s first smart mobility solution, has raised USD 72 million as a part of its series C round. B Capital Group, a global technology fund and Falcon Edge Capital, a New York based hedge fund led the investment. This also saw participation from Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures, the investment arm of Qualcomm Incorporated. The funding will go towards the company’s plan to expand its presence nationally, especially in smart cities and will also be deployed towards strengthening the tech.
The latest round takes the total capital raised by Bounce to over USD 92 MN, accelerating the company’s growth in the mobility sector. This comes after a recent USD 8 MN Series B funding that was led by Chiratae Ventures, with participation from Accel Partners India, Omidyar Network India, Sequoia Capital and Qualcomm Ventures. In August last year, Accel Partners India, Omidyar Network India and Sequoia Capital led USD 10.2 MN Series A funding round. Prior to that Bounce raised a pre series A round of USD 2 MN, funded by Captain Prashant Priya and LG Chandrasekar, co-founder Sutures India.
Bounce has deployed a fleet of over 5000 keyless scooters in Bangalore. The app allows the users to pick up a scooter and drop it at any legitimate parking spot. Accessibility and affordability have made Bounce one of the preferred modes of transport, both for first and last mile connectivity as well as regular commute. The company recently crossed the 2 million rides mark, putting them on par with global players like Bird and Mobike in terms of scale as well as mobility milestones. Bounce plans to introduce 50,000+ vehicles during the current year.
Vivekananda H.R – CEO & Co-founder of Bounce informed “We truly believe that mobility is a fundamental right and we aim to provide every commuter accessibility to green and affordable options. Shared personal mobility addresses a key consumer need and is fast emerging as an important mode of transportation. Bounce is actively working with the local and national government to provide innovative solutions for seamless first and last mile connectivity. This round of funding will help accelerate our expansion nationally across various cities. We appreciate the ongoing support of our investors who have continuously believed in the growth trajectory of Bounce. Also, our journey so far wouldn’t have been possible without the support of our loyal customer base.”
Anand Daniel – Partner at Accel Partners “Bounce has done a fantastic job in innovating a keyless scooter product offering that has been well received by the consumers. The healthy utilisation rates of scooters and high repeat behaviour from consumers prove that this model is well suited for mass market adoption as a intracity mobility solution and we are excited to see the company scale this in Bangalore and beyond. The innovations around the hardware aspect of the product, specifically the keyless mechanism of using a scooter coupled with other IOT modifications, provide strong defensibility to the company and we firmly believe Bounce will be the category winner in the long term.”
Kabir Narang – General Partner & Co-Head of Asia at B Capital Group “We have invested behind micro-mobility as a prioritized theme across the globe. We are excited to partner with Bounce and it’s stellar team as they look to transform mobility for over 200 million potential users in the country. Bounce can help democratize access to last mile transportation with use of technology to deliver an efficient and economical solution. The company has built a transformative solution to address mobility challenges in India and other emerging markets. We believe that the Bounce team is shaping urban mobility by bringing accessibility and affordability to India’s commuters. We have been impressed with the team’s market leadership, domain experience and speed of execution.”
Karan Mohla – Partner at Chiratae Ventures said “As a pioneer of the smart mobility market, led by the strong leadership of Vivek, Varun and Anil, Bounce continues to innovate across the value chain. They are creating and expanding a market segment that goes well beyond current urban consumers. Continuous innovation as a full-stack mobility platform will enable Bounce to create several areas of differentiation as they have done with the keyless and dockless model. As the dominant leader, we believe the company will expand successfully across multiple cities and beyond just first mile & last mile connectivity.
Shailesh Lakhani – Principal & MD Sequoia Capital India said “Vivek, Varun, Anil and the team at Bounce have been thinking and executing dockless scooters longer than anyone else in India. Bounce’s success with their expanded launch early this year shows the promise of shared personal mobility, and the impact it can have on urban mobility. We are enthusiastic supporters of Bounce as they scale their operational footprint over the coming months and years ahead.”