Vivekananda Hallekere, CEO, Bounce.Electric mobility startup Bounce has raised $5 million in an internal funding round comprising existing investors Accel, B Capital and Qualcomm Ventures, Vivekananda Hallekere, the company’s founder, told ET.
An internal round involves existing investors infusing fresh capital without bringing in new backers.
Bounce manufactures electric scooters and rents them to gig workers in cities like Bengaluru and Delhi NCR, operating across vehicle production and fleet management.
Hallekere said the proceeds will primarily be used as margin capital to secure financing for fleet expansion. Bounce currently has around 10,000 scooters on the road.
“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 started as Wicked Ride, a rental service for high-end performance motorcycles. Covid severely impacted the rental business, prompting the company to scale down operations, liquidate most of its fleet, and lay off employees.
It then pivoted to app-based scooter rentals and rebranded itself as Bounce. The company later shifted focus to manufacturing electric vehicles. In 2021, Bounce acquired 100 per cent stake in Gurugram-based electric vehicle startup 22Motors in a deal valued at about $5 million.
Prior to this latest round, the company had raised about $227 million from investors such as Accel, Peak XV Partners, B Capital, Chiratae Ventures, Falcon Edge, Qualcomm Ventures, Omidyar Network, and Maverick Capital, according to Tracxn.
For the fiscal year ended March 2025, the company reported revenues of ₹64.2 crore, down from ₹88.7 crore in FY24, per Tracxn data. Its net loss narrowed to ₹28.6 crore from ₹79.4 crore.
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