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Accel Growth and B Capital lead $105m lap in Bounce

Bounce said it plans to use the fresh capital to build electric vehicle infrastructure, for multi-city expansion and scaling up tech infrastructure.

ET Bureau|
Last Updated: Jan 24, 2020, 08.52 AM IST
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Existing investors Chiratae Ventures, Falcon Edge and Sequoia Capital India, among others, also participated in the round. This takes the total fundraising to over $194 million. The company is valued at $500 million following the new round.
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BENGALURU: Two-wheeler rental startup Bounce has raised $105 million, led by Accel Growth and B Capital Group. ET was the first to report the development in October.

Existing investors Chiratae Ventures, Falcon Edge and Sequoia Capital India, among others, also participated in the round. This takes its total fundraising to over $194 million. The company is valued at $500 million following the new round. Kabir Narang, General Partner at B Capital Group will join the board of directors at Bounce.

The company is also in talks to raise debt of up to $50 million separately, but those discussions are ongoing.

Bounce said it plans to use the fresh capital to build electric vehicle infrastructure, for multi-city expansion and scaling up tech infrastructure.

bounce

“Our growth... underlines that the future belongs to shared mobility which not only reduces the traffic but also frees up parking spaces,” Vivekananda HR, CEO and cofounder of Bounce said. “Our vision is to democratize mobility and build a platform that will help to bring in different forms of mobility solutions, that are hyper-suited to the needs of cities and towns we plan to expand into, over the next few months,” he added.

Bounce says it operates its dockless scooters in Bengaluru and Hyderabad with a fleet of 13,000 and 2,000 vehicles, respectively. It’s docked scooter rental service has been launched in over 35 cities.

“With its dockless fleet of scooters, Bounce is a short-distance mobility solution that is affordable and efficient. In addition, a Bounce bike takes over six bikes off the roads, helping reduce congestion and pollution from cities,” said Kabir Narang, general partner and co-head of Asia at B Capital Group.
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