The company will use the funding to improve its electric vehicle infrastructure. Bounce will also utilize the funds to expand into more geographies in India and to accelerate profitability.
As per Vivekananda Hallekere, Co-Founder of Bounce,
“InnoVen has backed our vision from very early days and been an incredible partner to work with. As we expand to more cities and towns, we will transition to a diverse shared mobility platform to enable various mobility options as per specific needs of each customer. The fund raised will help in realizing these goals while we march towards profitability.”
Claiming to provide more than 130,000 rides a day, Bounce currently operates a low-cost, dockless scooter rental model with a fleet of over 23,000 vehicles in Bengaluru and Hyderabad.