India’s bike rental startup Bounce raises $3m from Innoven Capital

Photo: Hemant Mishra/Mint

Two-wheeler rental startup Bounce has raised $3 million in debt funding from Innoven Capital, according to a company statement on Monday.

This is Bounce’s second round of funding from the InnoVen, taking their total debt investment to $6 million.

Till date, the company has raised over $22.5 million across two rounds. Mint reported in March that Bounce is in talks to raise around $50 million from Faceboook’s co-founder Eduardo Saverin’s venture fund, B Capital Group.

The company is also in talks with several other investors from across the globe including the US, Taiwan and Japan.

Bounce currently has a fleet of 5,000 keyless bikes in Bengaluru and the current funding will be used to expand its base within the city.

The company was originally founded in 2014 by Vivekananda H.R., Varun Agni and Anil G. under the Wicked Rides branding. While they offered premium motorcycle rentals under the Wicked Rides banner, it later added commute bikes under the Metro Bikes label, re-branded as Bounce in August 2018.

Bounce currently claims to complete 24,000 rides a day and more than 1.9 million rides since inception. Since the start of its service in September 2018, Bounce bikes claims to have clocked close to 15 million kms.

“We are very thrilled to see rapid progress made by Bounce in a such a short period post our first investment and are happy to further support the company in its mission to disrupt the micro mobility segment in India,” said Ankit Agarwal, director, InnoVen Capital, in a statement.

“InnoVen has been a strong believer of our business since early days and has continued their support not only in form of capital but also relevant connections for business and fundraising,” added Vivekananda H.R., chief executive of Bounce.

Also Read:

Indian bike rental startup Bounce in talks with B Capital for funding

Sequoia-backed Indian scooter sharing startup Bounce in talks to raise $50m: Report

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.