news update
- FromStartup Story Team | May 17, 2023
Bounce, an e-mobility startup, is nearing the close of its $20 million Series E funding round. Notable attendees include Sequoia Capital India, an existing investor, among other contributors. In addition, the company has expressed its intention to conduct an initial public offering (IPO) within the next few years.
Bounce successfully raised $5.3 million of its $20 million funding round in March this year, according to a filing with the Department of Corporate Affairs. In early November, YourStory exclusively reported that Bounce was in advanced talks to raise between $20 million and $30 million, well below its original goal of early 2022.
Since its inception as a two-wheeler booking company in 2014, the startup has successfully raised nearly $200 million in funding. Before the pandemic hit, the company closed its Series D funding round with an impressive $105 million.
According to one informed investor interviewed, the current funding landscape is challenging for all players. However, the recent shift from Bounce to e-scooters may have required a change of perspective for existing investors, which may explain the relatively lower $20 million figure , which is perceived as “Down Round”.
“EV is a lucrative market and the founding team at Bounce has shown it can deliver results. Given the positive sentiment towards EVs in India, this is also a smart linchpin.” “If this was a new company, a $20 million fundraiser would have been a great first round. Bounce has plenty of data to capitalize on and build a solid EV business,” the investor added.
After ending its ridesharing business, the Bengaluru-headquartered company refocused on producing groundbreaking electric two-wheelers in 2022. The company has set an ambitious goal of selling 10,000 electric vehicles (EVs) every month by the end of the current fiscal year.
The startup has made remarkable strides in minimizing its financial losses. For the year ended 31 March 2022, the Company recorded a consolidated loss of Rs.243.3 crore, down from Rs.305.6 crore in the previous year. The company’s expenses fell 23% over the same period, largely due to a significant downsizing. According to media sources, Bounce shed nearly 80% of its total workforce over the past year as part of cost-cutting efforts.
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