Two wheeler rental startup, Bounce, has secured $6.5 Mn from venture debt investor InnoVen Capital. The latest funding has come barely weeks after the company raised $105 Mn from Facebook’s co-founder Eduardo Saverin’s investment firm.
This is InnoVen Capital’s third investment in Bounce and the latest investment values the Bengaluru based startup nearly $500 Mn. This makes the company India’s highest valued startup in the micro mobility space.
The company said that the latest proceedings will be utilized for ramping up integration of electric vehicles, market expansion and daily operations.
Notably, last week Bounce’s direct competitor and rival Vogo raised $20 Mn from LGT Lightstone Aspada.
Vogo, which is also based in Bengaluru, boasts high profile investor in the form of ride-hailing major Ola, which invested $100 Mn in the startup in 2018.
Both startups are premium players in India’s fast growing micro mobility space, which has apparently become new favorite investment destination for investors.
Investors see massive opportunity in micro-mobility startups ambitious attempt to resolve the incremental problem of traffic woes that plagues millions of Indian commuters everyday.
The investment community also sees micro-mobility as the new investment opportunity, especially after India’s ride hailing industry has reached a saturation point.
Investors are pinning their hopes on companies like Bounce and Vogo, hoping that they will eventually become Ola and Uber of the two-wheeler rental industry.
Bounce is currently in a favorable position to steadily emerge as the poster company of India’s micro-mobility industry. Till date, it has collected $200 Mn through equity and nearly $12 Mn via debt funding.
The company currently operates 23,000 fleet of two wheelers across 35 Indian cities that are mainly aim at daily commuters. Recently, the company reached a major milestone, after it crossed 100,000 daily ride marks in its home market of Bengaluru.