Bounce raises $72 mn in Series C funding

Bengaluru-based urban smart mobility startup Bounce raised $72 million as part of its Series C funding round, led by B Capital Group and Edge Capital.

This round takes the total capital raised by Bounce to over USD 92 MN, coming after a recent $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.

Speaking on the monumental inflow of funds, Bounce co-founder and CEO Vivekananda H R said: "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."

B Capital Group's Kabir Narang said: “We have invested behind micro-mobility as a prioritized theme across the globe. We are excited to partner with Bounce and its 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 the 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.”

Presently, Bounce operates 5,000 keyless scooters in Bengaluru and plans to expand its fleet with an additional 50,000 in the current year. The company competes with global players like Bird and Mobike, having crossed over 2.2 million rides recently.