Smart mobility solutions company Bounce, plans to raise $200mn to scale up its EV business
- ByStartupStory | December 13, 2021
Bangalore-based smart mobility solutions Bounce, plans to raise funding of around $200 million to scale up operations of its electric vehicle (EV) business.The company recently unveiled its first consumer electric scooter — Bounce Infinity E1. Bounce became the world’s fastest-growing bike-sharing firm in 2019, doing 60,000 rides per day. That number went up to 120,000 rides a day by 2020. The firm’s valuation crossed $500 million after it raised $105 million last year.
“Fortunately, we are well-funded. We have the backing of our investors. We are also talking to new investors. But our vision is to make EV mainstream in India. This business will need at least a couple of billion dollars to take it to the scale we have in mind,” said Vivekananda Hallekere, chief executive officer and co-founder, Bounce.
The firm backed by marquee investors, such as Accel, Sequoia, and B Capital Group, had raised over $220 million in funding. It is in competition with electric two-wheeler makers, such as SoftBank-backed Ola Electric, Ather Energy, Hero Electric, Bajaj’s Chetak, TVS Motor Company, and Boom Motors.
The start-up, founded in 2014, was scaling on a par with global players, including US-based scooter-rental companies Bird and Lime. It had plans to expand in the country and also to get into markets abroad.
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