Bounce Raises $105 Million
A Bangalore based startup, Bounce raised $105 Million in a new Series D financing round. Bounce is a startup that aims to create a sustainable impact on the environment by improving the efficiency of transport such as bikes and scooters while making it accessible to the public at reasonable prices. This funding significantly increased the value of this startup to almost $500 Million. The startup plans to use this capital to expand its reach to different parts of the nation and plans to start manufacturing its range of vehicles.
The co-founder and chief executive of Bounce said, “We realized that it was not the most efficient move to expand Bounce’s network on our own. We launch in the cities with our own vehicles, but over time, these micro-entrepreneurs deploy their own bikes and scooters. They are still using our app, and are part of the Bounce platform, but they don’t have to be locked into our scooter ecosystem. We wanted a model that is scalable and profitable, and helps us create the most impact.”
Bounce is a Bengaluru based scooter-sharing startup that was founded by Vivekananda Hallekere in 2014. The unique business model of Bounce is about a dockless and key-less scooter-sharing network all over India. Currently, Bounce operates in over 30 cities all over the nation. People can use their electric and gasoline scooters for a price as low as 1 Rupee for the first kilometer of the ride. This ensures that people can get a ride without impacting the environment or creating a hole in one’s pocket.
The founder of StartupLanes, Shishir Gupta says: As startups, it is important to contribute to society positively. Bounce recognizes the impact that transport can have on the environment and the health of people. Their model helps people commute without causing damage to nature. I am confident that they will use their funding to build on this network of sustainability. Congratulations to the Team.
The Indian government is making provisions to set up electric charging stations to encourage the public to buy electric vehicles that are good for the environment.