Doubling their investment in Bengaluru-based bike rental startup Bounce, Chiratae Ventures, Sequoia India, Omidyar Network, Falcon Edge Capital, B Capital, and Accel India will pour more than ₹504 crores ($72 million) in series C round in the startup. The startup will issue Series C Cumulative Convertible Preference Shares (CCPS) worth ₹5127.99 each.
Accel will lead the round with an investment of ₹136.5 crores ($19 million), Sequoia will invest ₹113.4 crores ($16.2 million), Falcon Edge will invest ₹68.6 crores ($9.8 million) and Omidyar Network will pour ₹22.4 crores ($3.2 million), Chiratae and IDG Ventures will collectively invest ₹53.2 crores ($7.5 million) and B Capital will invest ₹66.5 crores ($9.5 million) in Bounce.
The startup is issuing 25,44,104 shares and this investment round will value Bounce over ₹1,302 crores ($186 million). Several new investors like MAF Mauritius, Redwood Trust, Qualcomm APAC and MPOF Mauritius will also participate in the funding round.
Founded in 2014 by Vivekananda H.R, Varun Agni, and Anil G, the startup launched its two-wheeler scooter rental app Metro Bikes in 2016 which was later rebranded as Bounce. The startup manages more than 30,000 rides every day.
Bounce has raised ₹140 crores ($20 million) in series A and series B round altogether till date. Last year, the startup raised ₹49 crores ($7 million) in series B equity round and ₹21 crores ($3 million) in debt funds from Innoven Capital. Other investors like Sachin Bansal’s BACQ and Qualcomm also invested in the startup.
Bike rental space in the country has attracted investments from some of the top tier venture capital players. Stellaris Venture Partners, Matrix Partners India, and Ola had invested in Bounce’s competitor Vogo while.