Bounce raises $3Million from venture debt firm InnoVen
Bounce operates a fleet of 5,000 keyless bikes in Bengaluru.
InnoVen Capital invests in Series A level in early-stage startups.
Venture debt firm InnoVen Capital has invested $3 Million in scooter-sharing platform Bounce operated by Wicked ride Adventure Services Pvt. Ltd. Bounce previously in September last year also raised the same amount from InnoVen Capital. Bounce is planning to use raised funds in expanding its fleet and enhancing its density and penetration in Bengaluru. Bounce came into action in 2014 by Anil G, Vivekanand Hallekere and Varun Agni. It presently has a fleet of 5,000 keyless bikes in Bengaluru. It presently does close to 24,000 rides a day and has in total done more than 1.9 million rides.
According to Hallekere, co-founder and chief executive of Bounce, “InnoVen has been in connection with us since initiation of our business and has always supported us not only in form of capital but also relevant connections for business and fundraising.”
Bounce initiated its business by offering motorbikes and scooters on rent primarily for urban commuters. Then it stepped towards dockless scooter-sharing service but has continued to run its rental business.
According to TechCircle’s December report, Bounce was in advanced talks with new and existing investors to raise $50 Million. Bounce existing backers include Accel, the family office of Sutures India chairman Chandrasekhar Gopalan and Sequoia Capital. In November 2018 Company also raised $12.2 Million funds from new investor impact investment firm Omidyar Network. Prior to that month it has raised $12.2 Million from round co-led by Sequoia Capital India and Accel and had rebranded itself from Metro Bikes to Bounce. In February last year, the family investment office of Sutures India chairman Chandrasekhar Gopalan had invested $1.5 million (Rs 10 crore) in the venture.
InnoVen Capital the venture capital firm invests basically in Series A level in early-stage startups and also provide mentorship to them. It has invested in Shaadi.com, Myntra, OYO Rooms, Byjus, Swiggy, Myntra and Prizm Payments.
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