Innoven Capital has invested for the third time within 18 months in the popular bike sharing startup –Bounce .- Bounce operates with a low-cost, dockless scooter rental model.
- With the latest investment it is looking at a multi-city expansion and already has an eye on profitability.
Innoven Capital has invested for the third time within 18 months in the popular bike sharing startup – Bounce. The investor has a total debt investment of $12 million in the startup, with the latest one being for $6.5 million. “Bounce is now moving to their next stage of growth and we are excited to be part of their journey,” said Ankit Agarwal, Director, InnoVen Capital India.
Bounce, which is also backed by Sequoia and Accel Partners, operates with a low-cost, dockless scooter rental model. Working in shared mobility and bike rental, one can book a Bounce and just walk up to the closest available scooty. All they need to do in the end is leave the scooty in a designated parking area.
The startup clocks over 1,30,000 rides per day making it over 16 million rides till date.
Although the startup currently operates in Bengaluru and Hyderabad, with the latest investment it is looking at a multi-city expansion and already has an eye on profitability. “As we expand to more cities & 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,” said Vivekananda H.R, CEO and Co-Founder, Bounce.
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