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Home / Companies / Start-ups /  Bounce raises funds from InnoVen for EV integration, expansion

BENGALURU : App-based two-wheeler rental startup Bounce has raised $6.5 million from venture debt investor InnoVen Capital, taking its total debt funding from the investor to around $12 million. This is InnoVen’s third investment in Bounce in 18 months.

The fresh funding will be used for electric vehicle (EV) integration, geographical expansion, and operations, InnoVen Capital said on Monday.

InnoVen’s investment into Bounce comes just weeks after the Bengaluru-based startup raised $105 million in a Series D round led by Facebook co-founder Eduardo Saverin’s venture capital fund B Capital in February.

The round had valued the bike rental startup at a little more than $500 million, making it the biggest company in terms of valuation in the mobility segment in India.

Till date, Bounce has raised around $200 million from investors such as Sequoia Capital, Accel Partners India, Chiratae Partners, Omidyar Network, Vistra ITCL, SCI Investments, and Qualcomm Ventures.

“For India to unlock the next wave of growth, it is essential to solve for the long-standing problem of urban transportation by scaling shared-mobility solutions. Bounce holds massive potential in playing a crucial role in this growth story. InnoVen has been associated with Bounce since early days and impressed by the phenomenal progress they have made in a relative short period of time," said Ankit Agarwal, director, InnoVen Capital in a statement.

Bounce operates a fleet of more than 23,000 two-wheelers in 35 cities.

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