Wickedride Adventure Services, the operator of India-based electric vehicle rental service Bounce, has raised Rs 5bn ($72.3m) in a series C round that included mobile semiconductor producer Qualcomm, VCCircle reported on Monday.
Accel invested $19.7m to co-lead the round with fellow venture capital firm Sequoia Capital, which supplied $19.1m according to a regulatory filing seen by VCCircle. Qualcomm Ventures, the corporate venturing arm of Qualcomm, contributed $6m.
The round valued the company at $200m post-money and was filled out by commitments from VC fund Chiratae Ventures, hedge fund manager Falcon Edge’s India fund, VC firm B Capital Group, investment firm Maverick Ventures and impact investment firm Omidyar Network’s India vehicle.
Founded in 2014, Bounce operates a fleet of 5,000 keyless mopeds that can be hired and unlocked through the company’s mobile app for short trips around cities. Proceeds from the round will be used to expand the service to additional cities in the country, as well to strengthen its technology.
The company told VCCircle it has raised $92m in total. Chiratae Ventures led Bounce’s $8m series B round in January 2019, investing alongside Qualcomm Ventures, Accel India, Omidyar Network and Sequoia Capital.
The latter three had backed the company’s $12.2m series A round five months earlier. InnoVen supplied an additional $2.9m in debt financing for Bounce in April 2019, adding to the $2.8m in debt it had provided in September 2018.