The Bengaluru-based bike rental startup Bounce has reportedly raised $72 million in series C round of funding led by B Capital Group, a global technology fund, and Falcon Edge Capital, a New York based hedge funding company.

As per trusted sources, Chiratae Ventures, Omidyar Networks India, Maverick Ventures, Sequoia Capital, Accel Partners USA and Qualcomm Ventures also participated in the funding round.

Vivekananda HR, co-founder and CEO, Bounce, was reportedly quoted stating that the company is currently working with the local and national government to facilitate innovative solutions for first and last mile connectivity. The funds will help Bounce to expand across various cities in the country, he further added.

For the record, Bounce was founded in 2014 by Vivekananda HR, Anil G and Varun Agni. Their service offers over 5,000 keyless scooters on rent in Bengaluru. One can book a scooter, bicycles and electric scooters using the app and park it at any legitimate parking spot. It further plans to introduce 50,000+ vehicles during the current year. Bounce has reportedly crossed the two million rides mark this year.

As per reliable sources, Bounce recently raised $8 million in series B type funding led by Chiratae Ventures and with the latest round of funding the total capital of the firm currently stands at $92 million.

Reportedly, Anand Daniel, Partner at Accel Partners, stated that the frequent utilization of scooters and high repeat behavior pattern from the consumers prove that Bounce’s concept model is well suited for market adoption. The innovations with respect to the hardware aspect of the product coupled with IoT provide a strong defensibility to the company, he further added.

As per reliable sources, the terms of deal have not been disclosed so far.

Sources: https://www.financialexpress.com/industry/bike-renting-start-up-bounce-raises-72-million-in-series-c-funding/1610604/

https://www.thehindubusinessline.com/info-tech/bounce-raises-72-million-in-series-c-funding-round/article28020912.ece