AviBounce, that is a dockless scooter and bicycle sharing platform has now secured $72 Million in the funding round of Series C.
The Bangalore based startup revealed in a statement that the investment was led by the Facebook Co-Founder Eduardo Saverin Venture Capital firm B Capital and New York-based Hedge fund Falcon Edge Capital.
The US and India Arms of VC firm Accel, Maverick Ventures, Qualcomm Ventures, Sequoia Capital India and Omidyar Network India also contributed.
“This round of funding will help accelerate our expansion nationally across various cities,” said Bounce co-founder and chief executive Vivekananda HR.
Bounce which is operated by the Wickedride Adventure Services Pvt Ltd revealed that it would also allocate capital for strengthening its technological infrastructure.
The latest round takes the total capital secured by Bounce to $92 Million, the startup revealed.
In the year 2019 January, Bounce had also received $6 Million in the debt funding from Sachin Bansal, and $3 Million in the venture debt from InnoVen Capital.
The venture was founded in the year 2014 by the Varun Agni, Vivekanand Hallekere and Anil G.
The company in the starting offered scooters and motorbikes on a rental basis to the urban commuters. It also tweaked its business model to a dockless scooter sharing service but has even continued to run its rental business.
Source: Bounce