Bounce raises $97m funding led by B Capital, gets valued at $450m

Visual from Bounce website

App-based two-wheeler rental startup Bounce, run by Wickedride Adventure Services Pvt. Ltd, has raised ₹692.39 crore ($97 million) in a Series D round led by Facebook co-founder Eduardo Saverin’s venture capital fund B Capital, according to documents sourced from business intelligence platform Paper.vc.

Its existing investors, including Sequoia Capital, Accel Partners India and Chiratae Partners, besides new investors Omidyar Network, Vistra ITCL, SCI Investments and Qualcomm Ventures, also participated in the round, filings with the ministry of company affairs (MCA) showed.

The Bengaluru-based startup was valued at $450 million in the current round, according to a person directly aware of the deal, requesting anonymity. In June 2019, Bounce was valued at $200 million during its $72-million Series C round.

Bounce reported a ten-fold increase in losses during the financial year ended March 2019 to ₹70.6 crore, according to recent filings with the MCA. In FY19, it also reported a three-fold increase in revenue to ₹14 crore. The startup spent ₹87 crore in FY19, a seven-fold jump compared to ₹12.5 crore in total expenses reported in FY18.

The startup offers scooter rental in two formats—a per-hour rental option and a dockless two-wheeler sharing option —largely aimed at daily commuters. Users can pick up and drop the vehicle within city limits. Last October, Bounce had crossed 100,000 daily rides in Bengaluru.

Bounce owns around 13,000 two-wheelers in Bengaluru of which, approximately 10,000 are for the dockless format. It is present in 35 cities, having recently launching its services in Hyderabad.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.