Bounce, a two-wheeler rental startup, is looking to raise a $100 million (approx INR 708 crore) series D investment round from Accel Growth, B Capital, and Sequoia Capital, reported ET, citing sources.
It has committed to provide an additional $50 million in debt to support the Bengaluru-based startup’s fleet expansion plans, sources added.
“The round is being led by existing investors, but has not been closed yet,” said one of the source, close to the transaction.
“Bounce is still talking to other prospective investors and the round size could go up to as much as $150 million,” it added.
Bounce was founded by Vivekananda Hallekere, Anil Giriraju, and Varun Aghi in 2016, while its parent company Wicked Rides was founded in 2014. Bounce was launched to provide a smart mobility solution by giving its users the option of one-way rental, which lets the users rent the bike from anywhere, travel to their destination, and drop off the bikes at any location.
The bike-sharing startup is operational in Bengaluru, Mysore, Jaipur, Udaipur, Belagavi, Manipal, Jaisalmer, Gokarna, Hyderabad, and few other cities.
Another person added that the pre-money valuation of the startup has swelled to $400 million with the ongoing round, and may go up further if Bounce brings in new investors.