By Manish Singh
Big bucks are pouring to get you through chaotic traffic on Indian roads.
Bounce, a Bangalore-based startup that operates over 17,000 electric and gasoline scooters in three dozen cities in India, has raised about $150 million as part of an ongoing financing round led by existing investors Eduardo Saverin’s B Capital and Accel Partners India, two sources familiar with the matter told TechCrunch.
The new financing round, dubbed Series D, values the startup “well over $500 million,” the people said requesting anonymity. This is a significant increase since the five-year-old startup’s Series C financing round, which closed in June, when it was worth a little over $200 million.
A spokesperson of Bounce declined to comment.
Bounce, formerly known as Metro Bikes, allows customers to rent a scooter for as little as Rs 15 (21 cents) an hour. Once the ride has been completed, customers can drop the scooter at any nearby parking spot.
The startup, which had raised $92 million prior to the new financing round, said last month that it has amassed 1.2 million customers.
The affordability of these rides is one of the selling points for smart electric and gasoline bikes in India. The other perk is the …read more
Source: Tech Crunch