Bounce scores $97.5 Mn Series D round at $453 Mn valuation

Scooter rental startup Bounce is having a ball. Within six months of raising $72 million, the Bengaluru-based venture has raised $97.5 million in a Series D round led by Accel Partners and B Capital. Existing investors, including Chiratae, Sequoia Capital, Omidyar and others also participated in the fresh financing round. 

According to regulatory filings, Bounce’s parent Wicked Ride has allotted 6,97,037 Series D compulsorily convertible preference shares (CCPS) to 12 allottees. And each share priced at Rs 9,933.46 in the current financing round.

While Accel Partners and B Capital have pumped in $35.3 million each, Chiratae has pumped in $10.8 million. The US-based software and electronic business accelerator Alphawave Ventures and Qualcomm Asia Pacific have invested $5.2 million and $5.04 million respectively.

Omidyar has invested $3.53 million while Sequoia has put in only $2 million in this round. Redwood Trust and Angel investor Bruno Raschle have also invested small amounts in the fresh round.

Although the company didn’t disclose valuation in this round, Entrackr’s back of the envelope calculation shows Bounce has been valued at around $453.5 million post Series D round. This is a staggering 2.8 X jump in its valuation within two months. According to the valuation report filed by the company dated November 9, Bounce's shares were valued at Rs 3,938.97 each, totalling to $160.1 million.

It’s worth noting that MPOF Mauritius Limited and Mauritius Africa Fund will also be investing $2.5 million collectively in Bounce. As a result, the overall size of Series D round will be $100 million.

Positioned as a premium motorcycle rental platform, Bounce’s parent Wicked Ride went through a few rebranding exercises and pivots. During 2016-17, it launched the two-wheeler scooter rental app Metro Bikes which was later rebranded as Bounce.

So far, Bounce has raised about $190 million in risk capital across four institutional rounds. The company competes with Vogo directly while Rapido and bike taxis by Ola and Uber are indirect competition. Vogo also has kicked-off its Series C round and raised about $4 million from Kalaari Capital, Matrix and Stellaris.