EV startup Bounce raises $5 million From Accel, B Capital & Qualcomm

Electric mobility startup Bounce has secured in an internal funding round from existing investors Accel, B Capital and Qualcomm Ventures.

The company raised new funds from its existing investors, without bringing in any new ones. This shows that investors still trust the company’s shift from its old urban scooter-sharing model to a business focused on making electric vehicles and managing fleets.

Bounce makes electric scooters and rents them to gig workers in cities like Bengaluru and Delhi NCR. The company handles both making the vehicles and managing the fleet.

Founder Hallekere said the funds will mainly be used as margin money to get loans for expanding the fleet. Right now, Bounce has about 10,000 scooters on the road.

Read also- Home-services platform Pronto raises $25M in Series B round

“Being a manufacturer gives us a lot of strength. We do not have any margin leakage to anyone else. Supply chain and operational feedback go directly into manufacturing, and we can fix vehicles faster. That was the reason we became an OEM (original equipment manufacturer), and that is playing out well for us,” said Hallekere.

Bounce began as Wicked Ride, a rental service for high-end motorcycles. The Covid pandemic badly affected the rental business, so the company reduced operations, sold most of its vehicles, and laid off staff.

It later shifted to app-based scooter rentals and changed its name to Bounce. After that, the company moved into manufacturing electric vehicles. In 2021, Bounce bought a 100% stake in Gurugram-based EV startup 22Motors in a deal worth about $5 million.

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