Bounce raises $3 million from venture debt firm InnoVen Capital
Two-wheeler rental service provider Bounce today said it has raised $3 million from leading venture debt firm, InnoVen Capital. The funds will be used to fund the expansion plans of the company. The company, which recently rebranded itself from Metro Bikes to Bounce, had last month raised $12.2 million in a Series A funding round led by Sequoia Capital India and Accel Partners.
Vivekananda HR, Co-Founder, Bounce, said, "We're delighted to have partnered with InnoVen. We're particularly impressed with the team's expertise, understanding of our business, industry knowledge and quick turnaround.'' Ankit Agarwal, Director, InnoVen Capital, said, "Bounce's innovative offering in 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."
"Bounce is creating a very interesting and useful category for last mile commute in Indian cities, characterized by a dense population, infrastructural issues and lack of convenient and affordable commuting options. The shared mobility segment has tremendous potential," Ankit Agarwal said.
