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Dockless two-wheeler rental service provider, Bounce has raised $3 million as venture debt from InnoVen Capital, a speciality lending firm.
The funds will be used to boost Bounce’s expansion plans and establish a pan-India presence. Last month, Bounce, earlier called Metro Bikes, raised Series A investment of $12.2 million led by Sequoia India and Accel Partners.
Founded by Vivekananda, Varun Agni and Anil G, Bounce offers a dockless scooter-sharing service allowing users to pick up the scooter from anywhere, ride and drop it off at any location. It’s an easy, convenient and affordable mobility solution aimed at tackling the first and last mile connectivity challenges faced by Indian commuters.
The average cost per km is as low as ₹6 for a Bounce user. With most intra-city commute being sub-5 km, the service is, therefore, already seeing massive adoption.
Accelerating growth
Vivekananda HR, co-founder, Bounce, said: “We are delighted to have partnered with InnoVen. We are impressed with the team’s expertise, understanding of our business, industry knowledge and quick turnaround. We believe that InnoVen’s global presence and excellent network will help us expand our footprint and accelerate our growth.’’
Ankit Agarwal, Director at InnoVen Capital, said: “Bounce is creating an interesting and useful category for the last-mile commute in Indian cities, characterised by dense population, infrastructural issues and lack of convenient and affordable commuting options. The shared mobility segment has tremendous potential and Bounce’s innovative offering in the two-wheeler segment is well-poised to fill a critical void for Indian commuters.”
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