Bounce, a leading dockless two-wheeler rental service provider, has recently raised USD 3 million as venture debt from InnoVen Capital, Asia’s leading venture debt and speciality lending firm. The funds will be used to further boost Bounce’s expansion plans and establish a pan-India presence.
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. It’s an easy, convenient and affordable mobility solution aimed at tackling the first and last mile connectivity challenges faced by Indian commuters.
Talking about the firm’s fundraising, Vivekananda HR, Co-Founder, Bounce, said, “We are delighted to have partnered with Innoven. We are particularly impressed with the team’s expertise, understanding of our business, industry knowledge and quick turnaround. We believe that InnoVen’s global presence and an excellent network will help us to expand our footprint and accelerate our growth.’’
The average cost per km is as low as INR 6 for a Bounce user. With most intra-city commute being sub 5 km, the service is, therefore, already seeing massive adoption. So far, the company has seen over 250k downloads on its Android & iOS platforms.
Commenting on the debt investment, Mr Ankit Agarwal, Director at InnoVen Capital said, “Bounce is creating a very interesting and useful category for last mile commute in Indian cities, characterised by a 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.”
Vivekananda HR, CEO and Co-Founder of Bounce, is a CA and has previously worked with KPMG and S&V Chartered Accountants. Anil Giriraju, COO and Co-founder of Bounce, is a Gold Medalist – CS and ICWA. He has worked with American Towers and BEL in the past. Varun Agni, CTO & Co-Founder of Bounce, has a Masters in Telecommunication from the University of Maryland. Prior to Bounce, he was part of Dimension Data, USA.
InnoVen is a pan-Asian venture debt platform with offices in Mumbai, Singapore and Beijing. InnoVen provides debt financing to high growth and innovative tech start-ups and has since supported and provided over 175 loans to more than 125 start-ups across India and Southeast Asia.
The platform offers multiple debt capital solutions, including venture debt, acquisition finance, growth loans, and syndication. Portfolio companies include Yatra, Oyo Rooms, Swiggy, Byju’s, Nestaway, Pepperfry, Prizm Payments, Shaadi.com, Shopclues, Myntra, Freecharge, Manthan Software, Firstcry, Practo and Capillary Technologies in India.