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Bounce raises $72 million in Series C funding round

Bounce, a smart dock-less mobility solutions start-up, has raised $72 million as part of its Series C round, led by global technology fund B Capital Group and New York-based hedge fund Falcon Edge Capital.

This round, which takes the total capital raised by Bounce to over $92 million, also saw participation from Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures. The company will use the funds to expand its presence nationally — especially in smart cities — and for strengthening its technology.

Founded in 2014 by Vivekananda HR, Anil G and Varun Agni, the Bengaluru-based start-up has deployed a fleet of over 5,000 key-less scooters in Bengaluru. Having completed over 2.2 million rides in the city, the company is now planning to expand to other cities in India with plans to introduce 50,000-plus vehicles this year.

With its patented key-less technology, Bounce users can pick up and drop the scooters, bicycles or electric scooters anywhere in the city at any time.

“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,” said Vivekananda HR, CEO and co-founder of Bounce.

“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,” he added.

Source: The Hindu