Mobility company bounce plans to raise up to $30 million at a stable or lower valuation
- ByStartupStory | November 24, 2022
According to two people informed of the matter, Bounce is in early talks to finance $20-30 million in roughly a month, which is far less than the sum the manufacturer of electric scooters had been seeking to obtain earlier this year. According to these individuals, a new investor will probably lead the round, with participation from current investors B Capital, Sequoia Capital India, Chiratae Ventures, and Accel.
One of the individuals cited above told that the capital round is anticipated to be a down round or remain stable from its present valuation of just over $500 million. The agreement should be completed before the end of the month.
The low valuation is probably a result of Bounce’s numerous pivots in its core business in response to difficult macroeconomic conditions. Vivekananda Hallekere, Varun Agni, and Anil G launched Bounce in 2014 as an app-based platform for renting two-wheelers.
With the introduction of its electric scooter earlier this year, the company made a shift to producing electric vehicles and has since concentrated on expanding its network for battery swapping. The startup for smart mobility has so far raised close to $200 million. A few months before the pandemic began in January 2020, it raised $105 million in a Series D round.
According to a source, the Bengaluru-based startup planned to seek $100 million in 2022 to introduce new products and increase the reach of its battery-swapping network. According to the individuals mentioned above, the initiative is likely to have stalled as a result of the general economic slowdown. In an effort to reduce costs, the company also let go of nearly 80% of its staff last year. From Rs 87.5 crore in FY20 to about Rs 15 crore in FY21, Bounce’s operating revenue decreased by 83%.
Follow Startup Story
Related Posts
