Bike rental startup Bounce has raised $3 million in debt funding from existing investors Innoven Capital.
The funding will use to expand its operation. Till date, Bounce raised over $22.5 million in two rounds and the total debt funding from Innoven is now $6 million.
As per the news, the bike rental is also in talks with Facebook co-founder Singapore based fund for further investment.
Founded in 2014, the Bengaluru based Bounce has a fleet of 5,000 keyless bikes. Bounce offered premium motorcycle rentals under the Wicked Rides banner, it later added commute bikes under the Metro Bikes label, re-branded as Bounce in August 2018.
Bounce currently claims to complete 24,000 rides a day and more than 1.9 million rides since inception. Since the start of its service in September 2018, Bounce bikes claim to have clocked close to 15 million km.
“We are very thrilled to see rapid progress made by Bounce in a such a short period post our first investment and are happy to further support the company in its mission to disrupt the micro mobility segment in India,” said Ankit Agarwal, director, InnoVen Capital.