India-based mobility service provider Bounce has completed a $105m series D round that featured mobile semiconductor manufacturer Qualcomm’s corporate venture capital vehicle, Qualcomm Ventures, CNBC reported today.
The round was co-led by Accel and B Capital and was also backed by Chiratae Ventures, Falcon Edge, Maverick Ventures, Omidyar Network India (ONI) and Sequoia Capital India. Trustee services provider Vistra ITCL also took part, according to LiveMint, which cited a regulatory filing earlier this month
Founded in 2014 as Metro Bikes, Bounce operates a scooter and bicycle rental service that covers more than 35 cities across India. It has a fleet of more than 20,000 vehicles which have collectively been rented 16 million times so far, with its service being used more than 120,000 times a day.
The company’s total funding now stands in excess of $194m and the latest round values it at $494m, according to financial data aggregator Paper.VC.
Qualcomm Ventures provided $6m for a $72.3m series C round for Bounce in June 2019 that was co-led by Accel and Sequoia, and which included B Capital Group, Falcon Edge, Maverick Ventures, ONI and Chiratae Ventures, at a reported $200m post-money valuation.
Chiratae Ventures led an $8m round for Bounce in January the same year that included Qualcomm Ventures, Accel, ONI and Sequoia, the latter three having already contributed to its $12.2m series A round in 2018.
Vivekananda Hallekere, co-founder and chief executive of Bounce, said in a statement: “Our growth indicates the future belongs to shared mobility. Our long-term vision is to democratise the commute by making mobility accessible, reliable and affordable for all.
“As we expand to more cities and towns, we will transition to a diverse shared mobility platform to enable various mobility options to suit the specific needs of each customer. The fund raised will help us in realising these goals while we march toward profitability.”
Image courtesy of Bounce.
