UditBounce, which is a Bangalore based last-mile mobility startup, has now confirmed that it has secured $105 million in the funding round of Series D. The round was led by the Facebook co-founder Eduardo B Capital Group and Accel Partners.
Some of the existing investors include the Falcom Edge, Omidyar Network India, Sequoia Capital, Qualcomm Ventures, Maverick Ventures; Accel Partners India also participated in the round.
The new funding secured makes the Bounce valuation to $520 million and takes the total capital secured to $194 million. The team will use the funds to focus on deeper Electric Vehicle integration and a platform play and will even pish towards the profitability.
Vivekananda H.R, CEO, and Co-founder of Bounce, said: “Our growth to 1,20,000 rides a day, in a little over a year and largely in one city, underlines that the future belongs to shared mobility. Shared mobility not only reduces the traffic but also frees up parking spaces, which in Indian cities is anywhere between 12-15 percent of the total usable real estate. However, the main vision of Bounce is to democratise mobility and thus make a significant socio-economic impact. This fresh funding will help us work towards this vision. It will also enable us to build a mobility platform that will help bringing in different forms of mobility solutions hyper-suited to the needs of cities and towns we plan to expand into, over the next few months.”