Wickedride Adventure Services, the owner of India-based bicycle and scooter rental service Bounce, which counts mobile semiconductor maker Qualcomm as an investor, is raising $200m in funding, TechCircle reported yesterday.
Bounce has already secured an initial $120m according to people familiar with the matter, who specified that Accel, B Capital Group and other existing backers were expected to provide around 50% to 70% of the total figure. An unnamed, US-based venture capital firm is also set to invest.
Founded in 2014, Bounce operates a network of 7,000 mopeds and scooters that users can rent through an app-based dockless system. It has also added bicycles to its offering through its acquisition of China-headquartered bike rental platform Ofo’s Indian assets.
WickedRide also operates a premium motorcycle rental platform that works with brands including Harley Davidson, Kawasaki and Ducati.
The round will help Bounce expand its operations across India as it explores an entry into international markets that is expected to kick off with a launch in Australia later this month.
Bounce had previously received $92m in funding. Qualcomm’s corporate venturing subsidiary, Qualcomm Ventures, took part in a $72.3m series C round for the company in June this year that was co-led by Accel and Sequoia Capital.
The series C round valued Bounce at $200m post-money and included B Capital, Chiratae Ventures and Maverick Ventures as well as Falcon Edge and Omidyar Network’s Indian fund vehicles.
Chiratae had previously led Bounce’s $8m series B round in January 2019, participating alongside Qualcomm Ventures and Accel India, Omidyar Network and Sequoia Capital, the three investors that had supplied the company with $12.2m in series A funding in August 2018.
