Bounce raises $3 million in debt funding from Innoven Capital1 min read . Updated: 22 Apr 2019, 08:24 PM IST
- Bounce says the funding will be used for expansion
- Till date, Bounce has raised over $22.5 million across two rounds
BENGALURU: 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.