About a week ago it was reported that Bounce is scoring a $3 million debt round from InnoVen Capital, and a $3-4 million round from Sachin Bansal as part of his investment in scooter sharing apps Vogo and Bounce.
However, the company’s latest RoC filings with MCA reveal that while the $3 million funding part stands uncorrected, the rest of the details are not without a few changes, as far as the very next transaction is concerned.
As per this filing, BAC Acquisitions – Sachin Bansal’s new entrepreneurial gig that aims to acquire startups in fintech and agritech segment – is investing Rs 15 crore (over $2 million) in form of venture debt via 1500 Non Convertible Debentures priced at Rs 1 lakh each.
This is just the Tranche A of an overall Rs 25 crore worth debt funding round. Rs 10 crore worth debt is yet be incorporated in the company’s official reports of board resolutions, i.e. it is yet to be officiated in documents making the identity of the investor uncertain.
If we consider the media reports claiming Sachin Bansal is to invest $3-4 million, it could mean that the rest of the Rs 10 crore is also to be received from him.
On the other hand, Qualcomm Asia Pacific is investing Rs 7 crore (almost $1 million) in form of preference capital via 15,402 Series B1 CCPS priced at Rs 4,653.76 each.
Since there is no mention of InnoVen Capital in the document, it is also possible that the rest of debt capital – Rs 10 crore – comes from their pocket.
One thing different about this is that, while it is true that Sachin Bansal is investing in the firm, this investment is not in a personal capacity, but via BACQ. Although, the firm was opened for the purpose of acquisition and investment focussed on agritech and fintech, it is not limited to those segment.
Apart from investing in KrazyBee, a student loan platform is in talks with CIFCPL, a microfinance firm, Bansal had also invested in MilkBasket, a micro-delivery firm. And of course, now also in scooter sharing app Bounce.
One trend that cannot be missed here, is his growing preference for investment in form of debt capital provision that is liable to get him stable and assured returns on investment, even if the capital gains are fixed and cannot be as huge as in equity or preference.