Bounce has raised new funding in an internal round from its existing investors, including Accel, B Capital, and Qualcomm Ventures.
The company did not bring in any new investors this time. Instead, it received more support from the same investors, showing they still believe in Bounce’s new business direction. Earlier, Bounce focused on scooter-sharing in cities. Now, it has shifted to making electric vehicles and managing fleets.
Bounce manufactures electric scooters and rents them to gig workers in cities like Bengaluru and Delhi NCR. The company takes care of both producing the vehicles and running the fleet operations.
“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 first started as Wicked Ride, a company that rented high-end motorcycles. When the Covid pandemic hit, the rental business suffered badly. The company had to cut down its operations, sell most of its bikes, and lay off many employees.
After that, the company changed its business model. It started offering app-based scooter rentals and rebranded itself as Bounce. Later, it moved into manufacturing electric vehicles. In 2021, Bounce bought 100% of Gurugram-based EV startup 22Motors in a deal worth about $5 million.
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