Bounce, a scooter sharing platform which was previously known as Metro Bikes, has raised debt funding of $3 million led by the debt financing firm InnoVen Capital.
The company said the funding is primarily to boost its expansion plans and establish a pan-India presence. Bounce is founded by Vivekananda, Varun Agni and Anil G.
Bounce offers a dockless scooter sharing service allowing users to pick up the scooter from anywhere, ride to their destination and drop it off at any location.
Commenting on the firm’s fund raise, Bounce Co-Founder Vivekananda HR said the company is delighted to have partnered with InnoVen.
Bounce had raised $12.2 million Series A funding led by Sequoia Capital and Accel Partners in August.
The average cost per kilometre by Bounce is Rs 6, and the team claims to have seen over 2,00,000 downloads on its Android and iOS platform. During the last fundraise, Vivekananda had said that they are looking at a market opportunity of $ 4.5 billion.
Commenting on the debt investment, InnoVen Capital Director Ankit Agarwal said Bounce is creating a very interesting and useful category for last mile commute in Indian cities, characterised by dense population, infrastructural issues and lack of convenient and affordable commuting options.
"The shared mobility segment has tremendous potential and Bounce’s innovative offering in the two wheeler segment is well poised to fill a critical void for Indian commuters. InnoVen is very excited to be part of this ride with Bounce," he said.
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