Scooter sharing startup Bounce raises ₹50 crores from Sequoia, Chiratae, others

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Bengaluru-based scooter sharing startup Bounce has raised ₹50 crores from Sequoia India, Chiratae Ventures, ON Mauritius and Accel India. The company has not indicated about the series, but it appears to be the Series B round for Bounce as it earlier raised ₹85 crores in Series A round.

Bounce has been in the buzz since last month with reports even claiming that the firm is raising over ₹70 crores from some new and existing investors. Media outlets also reported that Wickedride Adventure Services, the company that owns Bounce, was in talks to raise ₹350 crores by the end of January.

“We are looking at a market opportunity of $ 4.5 billion. And with this investment, we can bring these innovations and solutions to people on a much larger scale,” Vivekananda HR, Co-founder of Bounce had said in a press statement at the time. “We’ve also gone beyond scooters, offering other forms of transport, including bicycles, electric pedelecs, and kick scooters across the city. And Bounce seemed like an appropriate name for our new avatar. Service available across vehicles, and all over the city.”

In Series, A round in August 2018, Sequoia India, Accel Partners, and founder of TaxiForSure Raghunandan G invested in the startup. In September 2018, Bounce raised ₹21 crores in debt funding from InnoVen Capital. The startup has raised a total of ₹156 crores in three funding rounds since its inception.

Founded by Vivekananda Hallekere, Varun Agni and Anil G, the startup provides bikes and scooter sharing services in around 10 cities in India. The startup faced losses which doubled from ₹3.2 crores to ₹7 crores, according to RoC filing for FY17-18. However, the startup’s revenue rose to ₹5.4 crores from ₹4.3 crores last financial year.

Bounce competes with startups like Rapido, ZipHop, Vogo, RentOnGo and some others. Rapido has raised a total of ₹5.41 crores from AdvantEdge Partners, Astarc Ventures, Smile Group, Mustard Seed, Skycatcher, Thompson Taraz Managers, Battery Road Digital Holdings and a clutch of other angel investors.

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SW Staffhttps://startupwonders.com/guestpost
Startup Wonders provide startup resources, stories and news to help budding entrepreneurs grow and succeed in their business career.

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