Startups

Indian Scooter Rental Startup Bounce Reportedly Raises $105M

Bangalore-based bike rental startup Bounce raised $105 million in its Series D round of funding, according to a new report from TechCrunch.

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The new funding brings Bounce’s total funding to more than $194 million, according to Crunchbase data. Accel Partners and B Capital led the Series D round.

Bounce, previously known as Metro Bikes, was founded in 2014. Scooters are a popular method of transportation in India, and the company is aiming to reduce congestion in cities by providing affordable, fast rides with its two-wheeled scooters.

Riders can pick up a scooter from a docking station or a partner store, take it for a ride and drop it off at any docking station or store.

The company now partners with mom-and-pop shops to dock scooters and run operations, TechCrunch reported. More than 120,000 rides are taken on Bounce scooters each day. So far, the company has partnered with 250,000 stores and merchants in six Indian cities.

Bounce competes with other companies like ONN Bikes and Drivezy, according to Owler.

It hasn’t been long since Bounce last attracted investor dollars–the company raised $72 million in  a Series C round led by B Capital last June. Other investors include Navi Technologies and Sequoia Capital India.

Bounce raised $12.2 million in its Series A in August 2018 and $6.9 million for its Series B in January 2019, according to Crunchbase.

Illustration Credit: Li-Anne Dias

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