Leading dockless two-wheeler rental service provider, Bounce, has announced raising funds worth USD 3 million as venture debt from InnoVen Capital.
In order to escalate their expansion plans and establish a pan-India presence, Bounce will use the funds work on last mile connectivity challenges faced by Indian commuters.
"We are delighted to have partnered with Innoven. We are particularly impressed with the team's expertise, understanding of our business, industry knowledge and quick turnaround. We believe that InnoVen's global presence and excellent network will help us to expand our footprint and accelerate our growth," said co-founder Bounce, Vivekananda HR.
"Bounce is creating a very interesting and useful category for last mile commute in Indian cities, characterised by dense population, infrastructural issues and lack of convenient and affordable commuting options. The shared mobility segment has tremendous potential and Bounce's innovative offering in the two wheeler segment is well poised to fill a critical void for Indian commuters. InnoVen is very excited to be part of this ride with Bounce," said Director at InnoVen Capital, Ankit Agarwal.