Bounce, India’s first smart urban mobility solution, has raised $3 million in debt funding from InnoVen Capital, the the top Venture Debt provider in India. This is the second round of funding from the InnoVen, taking their total debt investment to $6 million. Bounce currently has a fleet of 5000 keyless bikes in Bengaluru and this funding will go towards the company plans to expand and increase its density and penetration in the city.
Bounce, through its fleet, currently does close to 24,000 rides a day and has in total done more than 1.9 million rides. Since the start of its service in September 2018, Bounce bikes have clocked close to 15 million kms. The company aims to increase the number of its vehicle to reach a critical density to make a meaningful impact on how the city commutes.
“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," Ankit Agarwal, Director, InnoVen Capital.
Speaking about the funding, Vivekananda H.R., CEO and Co-Founder, Bounce said, “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.”
Founded by Vivekanand HR, Varun Agni and Anil G, Bounce aims to democratize daily commute thereby making it stress-free, time-saving, reliable and convenient. Coupled with its previous funding, the company has so far raised over $22.5 million in series A & B. Bounce’s patented keyless technology enables users to pick up and drop the bikes from anywhere and anytime in the city. Users can avail the services at a nominal fee of INR6.5 per/km. With close to 40% of Bounce rides in Bengaluru either originating or culminating at Metro stations, the company is creating a direct impact on urban mobility and usage of public transport.