Bounce, a Bengaluru-based scooter sharing startup, announced it has raised $6.5 million in debt funding from existing investor InnoVen Capital. This is the third time InnoVen Capital has invested in Bounce in a span of 18 months. The total debt investment now amounts to $12 million.
The company will utilise the funds in financing electric vehicle (EV) integration, multi-city expansion, and platform play, in a bid to accelerate profitability.
Ankit Agarwal, Director, InnoVen Capital India, said, “InnoVen has been associated with Bounce since early days and impressed by the phenomenal progress they have made in a relatively short period of time.”
Vivekananda HR, CEO and Co-founder, Bounce, added, “As we expand to more cities and towns, we will transition to a diverse shared mobility platform to enable various mobility options as per specific needs of each customer. The fund raised will help in realising these goals while we march towards profitability.”
Recently, Bounce raised $105 million as part of its Series D funding round, led by Accel Partners and B Capital Group, taking the total capital raised to over $200 million.
Bounce was founded in 2014 by Vivekananda HR, Anil G and Varun Agni, with a mission to provide consumers with a cost-effective micro-mobility solution for first and last mile travel. Bounce currently operates a low-cost, dockless scooter rental model in Bengaluru and Hyderabad, with a fleet of 23,000+ vehicles and clocking more than 130,000+ rides a day.
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